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NZDUSD - Selling rallies in morning trade ahead of RBNZ offers good risk/reward

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Looking at NZDUSD today. It could be extremely lively with both the FOMC tonight and the RBNZ interest rate decision tonight.

 

USD INDEX- The USD is stuck in a bullish channel formation. Trend line resistance is seen at 90.60. If we see a rejection of gains then a stronger, AB=CD formation looks to target the 61.8% pullback level at 89.28 and beyond. The long-term bias remains bullish, but the intraday outlook is mixed. With this in mind, we prefer to buy USD dips

 

Monthly: Holding within a range (0.7460-0.6680). There is very little to take away from this timeframe.

 

Weekly: Looks to be forming a bearish Head and Shoulders pattern. A break of 0.6740 is needed to confirm

NZDUSD W IG.png

 

Intraday (six-hours) – Yesterdays Marabuzo level is seen at 0.7210 (mid-point from open and close). Bespoke resistance is seen at 0.7208. Selling rallies in morning trade offers good risk/reward today with a stop placed above 0.7245. Intraday support is seen at 0.7106

 

In regards to the PIA analysis, no representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result.

 

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Yeh I see this coming off. Small position going into FOMC with appropriate stops to give breathing room then pull it in after today and sit for a couple weeks.

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