Jump to content
Sign in to follow this  

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

Recommended Posts

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



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.


Share this post

Link to post

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.

Share this post

Link to post

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

You are posting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this