Current situation:
- Price is in a long-term uptrend since March
- Today's spinning top puts the mid-term rally at risk
- The short term price action is consolidating above .7165
Looking ahead:
- NZD Cash Rate announcement is on August 10th but the RBA cut today may foreshadow the RBNZ decision next week.
- Tomorrow GDT Price Index numbers will be released
- If a reversal candle pattern forms using today's "spinning top" a broader sell-off may begin
Notes:
- A close below .7000 would mark a medium term change in trend, but I am not predicting that right now
- Price is in a long-term uptrend since March
- Today's spinning top puts the mid-term rally at risk
- The short term price action is consolidating above .7165
Looking ahead:
- NZD Cash Rate announcement is on August 10th but the RBA cut today may foreshadow the RBNZ decision next week.
- Tomorrow GDT Price Index numbers will be released
- If a reversal candle pattern forms using today's "spinning top" a broader sell-off may begin
Notes:
- A close below .7000 would mark a medium term change in trend, but I am not predicting that right now
Comment:
Still moving higher. Will it make .7300?