We expect this to be the trade of the week as well as GBP/NZD. Our fundamental bias on this pair is tilted to the upside. we expect NZD strength due to the interest rate hike circle they are on. Market is expecting the RBNZ to raise rates tomorrow and bring forth they rate hike projections. We expect the CAD to be pressured as the oil prices are expected to drop...
Although NZD has moved into the top spot, I would exercise caution if taking aggressive trades. I'll be watching for a sustainable breakout above resistance to signal the continuation of NZD strength.
Kiwi index is approaching its support at 6.9441(61.8% Fibonacci extension , horizontal swing low support, 61.8% Fibonacci retracement ) where it could potentially bounce to its resistance at 7.0079 (38.2% Fibonacci retracement , horizontal swing high resistance).
Stochastic (89, 5, 3) is approaching its support at 4% where a corresponding bounce could occur....
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Kiwi index is approaching its support at 6.9441(61.8% Fibonacci extension , horizontal swing low support, 61.8% Fibonacci retracement ) where it could potentially bounce to its resistance at 7.0079 (38.2% Fibonacci retracement , horizontal swing high resistance).
Stochastic (89, 5, 3) is approaching its support at 4% where a corresponding bounce could occur....
Kiwi index is approaching its support at 6.9441(61.8% Fibonacci extension , horizontal swing low support, 61.8% Fibonacci retracement) where it could potentially bounce to its resistance at 7.0079 (38.2% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) is approaching its support at 4% where a corresponding bounce could occur....
Kiwi index is approaching its resistance at 6.9707 (61.8% Fibonacci retracement , horizontal swing high resistance, 100% Fibonacci extension ) where it could reverse down to its support at 6.9256 (50% Fibonacci retracement)
Stochastic (55, 5, 3) is approaching its resistance at 96% where a corresponding reversal is expected.
THERE IS A BULLISH PATTERN FORMED ON DAILY
AMD LOOKING AT SMALLER TIME FRAMES WE CAN SEE HEAD AND SHOULDER ALSO FORMED
DIFFERENT HORIZONTAL LINES SHOWS DIFFERENT TAKE PROFITS
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The main trend seems to be bearish, with strong downward impulses. Since NZD bounced aggressively but I'm considering the move as corrective and I'm now looking for signs of reversal.
