MattSzwyd
Short

Crab-like structure ahead of RBNZ

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
85 2 4
3 months ago
Unlike my prior post on EURUSD             , I think the RBNZ rate decision will work in my favor. While the fib ratios are ballpark (to say the least), upcoming rate decision will likely rocket the market down to the .71444 handle (target 1, which corresponds to 2011 and early 2015 structure lows), if not lower (target 2, recent structure). While it would be nice to see price action climb to point D for the sake of the pattern, consolidation is more likely ahead of the rate decision.

Then there's the possibility of a rate hold. The more likely a rate cut, the more damage an upset will do on the market. Don't forget what happened to the Yen earlier this year!
3 months ago
Comment: Consolidation really swinging around key support (purple), perhaps a head and shoulders is in effect? If so, good news for us bears.
3 months ago
Comment: Apparently the rate decision was sufficiently priced in, and the market response moved against the anticipated bearish rally typically associated with a weakened currency. In any case, the crab-like structure has some validity now!
MattSzwyd
3 months ago
snapshot
Reply
MattSzwyd MattSzwyd
3 months ago
Whoops left shoulder should be... left-er.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out