NU got a nice boost from the RBNZ rate decision. The not-as-dovish stance got many bears to close. I am expecting one more wave of shorts closing.
Then I expect some bulls to get back in since the NZD is a decent carry currency. The Central Bank not threatening cut should bring some carry traders back in. If this keeps going and stocks keep going, then NZDJPY is worth longing as well.
Of note, NU has been following this higher timeframe Fib series quite well But given the news, I expect the short term Fibs to have more influence. After a few wiggles from this news, we will see if it goes back into sync with the bigger tf fib.
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NU approaching first zone of interest if it really bounces here and surpasses local high, that would be an extremely bullish sign.
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First zone pierced Good, really did not want to long this high up
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Nice, an exact rejection at top boundary of zone So now I look for the next zone down ...
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Nice bounce at second support US CPI report was mostly positive giving USD some strength, but Kiwi still looks to be holding ''the line''. Not long yet, but watching closely....
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NU bulls trynna hold this second line of defense but I think .679 is the real test
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NU with a decent bounce at an expected zone longs fired, now trailing stops but tight cuz I dont think this will last .... just NY buying at a good price imo ...
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NU with a NICE bounce from second zone of support NY buying Kiwi it seems. Glad I had some limit buys in that zone, now trailing stops, this could easily this the target ...
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Nice action around the fibs first one did not hold (was not expected). Second one gave a bounce to the zone above then collapsed, now the third one seems to have been the charm. Lets see if we can pass the local high
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Still working its way upward
Closeup shows the precision of the green zones
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Trade closed: target reached
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Target hit, closed 80% of position, rest is on tight Trailing Stop being end of week, that is probably about it for NU. will close the rest before market closes if stop not hit by then.
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Second target hit
Closeup of the zone
was apretty narrow zone, thus the stitching back and forth. Expecting a pullback here, but in general Dollar should be weak for a while. So still riding small position long, might add to it.
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Fibs dont Lie ! all of those zones were mapped on original live chart above. And each one shows relevance, albeit some more than others.
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All zones continue to be confirmed there was some bad new fundamentally for AUD today pulled down NZD with it. But even with strong forces, the moves can only go from one zone to the next, like a 'CheckPoint' .