Trader_97

KIWI MAY DECLINE ON RATE CUT

Short
FX:NZDUSD   New Zealand Dollar / U.S. Dollar
0
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

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.