Exit Bulls, Enter Bears or vice versa? Your move RBNZ!This Wednesday we have RBNZ's Official Cash Rate and Rate Statement. Will this news event give the signal for a bearish move to sub 0.7 levels? I can see price do a number of things by Wednesday.
Already anticipating bad NZD news and break lower to 0.6680 region
slowly moving towards the lower trend line which then breaks upon the news
Staying around current levels (0.6840 - 0.6875) and then break lower OR
Less likely IMO, move up due to relief
I'm biased towards lower levels even though RSI is almost and Stoch already oversold on 4H.
However, they aren't on Daily and thus I could see H4 levels getting stretched.
As indicated on the short I see various levels that could cushion the fall for weeks to come if we in fact move lower.
Let us see.
