Taking a look at RSI on the 1 hour timeframe, it's obvious we are getting some bearish divergence after a strong week long rally.
This strong bullish price action was attributed to the RBNZ interest rate decesion last week where interest rates were left unchanges at 5.50%
However, later today we get the latest CPI data from New Zealand followed by UK's CPI data a few hours later. Could this be a potential perfect storm where New Zealand will show a surprise to the upside followed by a surprise to the downside with the UK?
If that happens, I would expect this ascending support trendline to break opening the doors for a reversal.
Time will tell but early clues are beginning to develop on the 1 hour timeframe with RSI.
That's it - That's all
Trade Safe.
This strong bullish price action was attributed to the RBNZ interest rate decesion last week where interest rates were left unchanges at 5.50%
However, later today we get the latest CPI data from New Zealand followed by UK's CPI data a few hours later. Could this be a potential perfect storm where New Zealand will show a surprise to the upside followed by a surprise to the downside with the UK?
If that happens, I would expect this ascending support trendline to break opening the doors for a reversal.
Time will tell but early clues are beginning to develop on the 1 hour timeframe with RSI.
That's it - That's all
Trade Safe.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.