Head & Shoulder of NZD, Downside Prevails
In Daily Chart of NZD, a huge H & S has completed.
Price plunged with a gap early this week, and when u measure the height of right shoulder, u can find that price level is near 0.7050.
There is a saying goes that RBNZ is about to give dovish wordings later in face of uncertain political environment as well as its overheated domestic real estate market,which may become a factor to drive NZD going further down.
MACD also gives negative signals, and RBNZ's expected level should be around 0.68, 1X the height of Head to neck from neckline. U will also find some support zones there.
I opened a short position before Chinese national holiday at around 0.7220, and closed half of them already this morning. A happy holiday for me. :)
Price plunged with a gap early this week, and when u measure the height of right shoulder, u can find that price level is near 0.7050.
There is a saying goes that RBNZ is about to give dovish wordings later in face of uncertain political environment as well as its overheated domestic real estate market,which may become a factor to drive NZD going further down.
MACD also gives negative signals, and RBNZ's expected level should be around 0.68, 1X the height of Head to neck from neckline. U will also find some support zones there.
I opened a short position before Chinese national holiday at around 0.7220, and closed half of them already this morning. A happy holiday for me. :)
