Trader_97

KIWI MAY DECLINE ON RATE CUT

Short
FX:NZDUSD   New Zealand Dollar / U.S. Dollar
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THE INTEREST RATE EVENT RISK IS THE CAUSE OF THE DECLINE I'M EXPECTING ON KIWI/DOLLAR IN A FEW HOURS . Technically I see a possible top in place on December 4th which followed up with a nice bearish candle.In the last two days Kiwi didn't show a lot of focus on the direction it may continue in.The doji may be a sign of a possible spike back up higher or maybe just a result of indecision shown by the market ahead of the RBNZ Rate decision.On a Day time frame.Price is just holding above the 100 day and 50 day moving averages.If we consider price action here.Then we can say after a decline down to 0.6428 the pair retraced as high as 0.764% but ended up failing to close above it.As long as Price stays within the medium term uptrend channel .We can expect to see a reversal to the upside but once it breaks.The pressure will shift towards the downside very fast and will likely continue till we reach 0.6380-0.6320

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