Price failed to close below the red box and just wicks. .6950-6970 area is going to be hard to break right now without some serious bad news. One thing to note are the 4h wicks. NZD has had a slew of bad news lately and I believe a potential rate cut has been priced in already. I will hold long till this retracement is over.
on 1h chart it has already broken up
There is quite a bit of divergence building on the hourly and its sloping down as to being flat (compared to the correction on monday/tuesday of this past week. Not saying to short right now, but keep an eye out. I dont expect this to fall very far if it goes short so watch the fib levels closely. The last fall was a nice 618 bounce and I expect the same...
I am short again from .7232 trying to hit the bottom of the channel, from there its a waiting game (NFP) which will decide the fate of the direction.
Get ready to buy the breakout or sell the breakout.