NZDUSD: 5-to-1 RR
Updated
Sentiment:
Given the recent rally in the DXY and the confirmed overbought condition of the NZD, I believe that the recent rally in NZDUSD is just a retracement.
Techincals:
Weekly down trend and change of polarity
8 hour intraday shooting star at or near resistance
exDiv1 confirmed with a strong leg down from a weekly 61.8% fib
Weaker leg up relative to the leg down
Long tail on the bullish candle suggests that the bears have come in around 0.6305 - 0.6276.
Potential "b" in an a-b-c pattern.
Possible butterfly pattern developing with a target at 0.6100.
Given the recent rally in the DXY and the confirmed overbought condition of the NZD, I believe that the recent rally in NZDUSD is just a retracement.
Techincals:
Weekly down trend and change of polarity
8 hour intraday shooting star at or near resistance
exDiv1 confirmed with a strong leg down from a weekly 61.8% fib
Weaker leg up relative to the leg down
Long tail on the bullish candle suggests that the bears have come in around 0.6305 - 0.6276.
Potential "b" in an a-b-c pattern.
Possible butterfly pattern developing with a target at 0.6100.
Note
A 25 basis point hike in NZD was neutral ....hence, the fall in NZD. Press conference in 1 hour.
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