The Reserve Bank of New Zealand is expected to hold rates. With the Kiwi being resilient of late, Graem Wheeler is likely going to jawbone about it being overvalued, which should give it at least some short-term drag, especially against the USD. In terms of monetary policy, the press conference might reveal whether or not a rate cut is still on the table, and if...
I am confident that nzdusd will be down , because of it was trying to break resistance from the past two weeks but it failed every time , so hoping that it will go down this time , may be today or tomorrow on NFP ...
Rising wedge. Key resistance level. Bearish RBNZ. Misleading albeit hawkish Fed. Good risk reward. Worth a short. Trade at your own discretion. There are 100 opportunities a day in the markets so pick wisely.
Friends,
Price rallied significantly against market expectation, but remained subdued to market geometry.
Dominant geometries here are Elliott Wave's Ending Diagonal ("ED") vs. Bill Wolfe's Wolfe Waves ("WW") patterns, both forming at the tipping-end of a multi-month bearish swing.
INSTITUTIONAL BEARS
There are 3 major banks that have taken bearish...
New Zealand Dollar is in a downtrend since topping at 0.88 in mid 2014. In the last months the downtrend slowed down after breaking major support line. I aspect a continuation in the downtrend to 0.760 (likely) to 0.750 (not sure but possible). At this level a plan to buy this pair. The next major support is at 0.74-0.73 (orange line).
Best Entry at 0.76...
Taking Points
– Technical Strategy: Long@.8380
– Trendline Broken On Daily Chart
– Price traded in corrective channel for wave c of b.
– Candlestick Pattern: Morning Star
The trade on Nzd-Usd is still valid, as it’s hold .8300 level. This is just correction on wave b, price traded in corrective channel and expected bounce from current level. 8300 is...
**THE TREND CHANNEL IS NOT SHOWN PROPERLY**
As you can see in the structure in the graph there is still bullish conditions showing and it may break the structure level for more upwards pressure.
Confirm after 0.851
