Bank of England release today. No change is forecast, but technically, I would expect liquidity grabs back down to monthly fibonacci support #1 before or during the news release. This trend is still strong going up. I anticipate this pair breaking June 2015 high.
Tonight RBNZ is cutting the base rate from 1.00% to 0.75% at 1am GMT. This way it will have the same rate as RBA and BOE.
Currently a strong support zone around the 1.73 area, a break lower could be used to signal a short.
A bounce to the upside is also possible, though with EUR so weak it is not as probable.
If the pair falls, expecting it to retest the...
Tonight RBNZ is cutting the base rate from 1.00% to 0.75% at 1am GMT. This way it will have the same rate as RBA and BOE.
A good downtrend line and level 70 create resistance and a buy signal, if the level breaks.
Divergence on RSI shows a double bottom formation. Target bellow level 73.
Earlier entry before the break of the line is more aggressive and risky but...
I was hesitant to post this trade setup and idea earlier in the week, however with the proper fundamental analysis as well as technicals there were clear indicators that GBPNZD was going to have a large selloff until it retested the trendline set in the 4h chart as well as the daily trend, if it breaks the "heartline" we will seek a reentry for a bearish movement....
Pattern is nice but lacks divergence on indicators but fundamentals are in line after the weekend. It is bouncing of a major weekly trend line (you can see in the comments). Expected to make it to MPO but long term ECB will not let euro get too expensive as it would be devastating to the economy. Recent comments from ECB suggest even further dovish outlook on...
Currently, the sentiment of the pair seems to be clearly inclined to a down movement of the price. But we should rather wait until Friday to find out more about what will be the real direction of the pair.
Note that the US is strongly considering a hike in interest rate which can cause the USD to grow much stronger.
However, the France is currently on crosshead...
