NZDUSD Triangle Breakout And Longterm Trade Opportunity
As we have mentioned in our latest NZDUSD forecast - see NZDUSD Forecast - the selling pressure on the pair remains.
According to the latest GDP data released today, New Zeland' Anual Growth eased from 3.2% to 2.6%. Markets are forecasting a 25bp cut in the Official Cash Rate in November 2019.
On the other hand, FED lifted rates as expected by 0.25%, with the dot-plot now pre-announcing two probable rate hikes for next year, down from three previously. The accompanying statement was hawkish as the Committee judged that risks to the economic outlook are roughly balanced, vs. the "appear to be balanced," from the previous statement.
In our previous forecast, our first target was 0.67500 and the pair is trading at 0.67270 as of writing.
As seen on the chart, the pair broke the triangle and pullbacks towards 0.67500 can be used as selling opportunities. Daily closings above 0.68200 would invalidate the pattern.
Our midterm targets are:
0.6670
0.6590
0.6550
0.6440
0.6340
and the target of the formation 0.62200 ( SHS Pattern on the weekly chart )
As we have mentioned in our latest NZDUSD forecast - see NZDUSD Forecast - the selling pressure on the pair remains.
According to the latest GDP data released today, New Zeland' Anual Growth eased from 3.2% to 2.6%. Markets are forecasting a 25bp cut in the Official Cash Rate in November 2019.
On the other hand, FED lifted rates as expected by 0.25%, with the dot-plot now pre-announcing two probable rate hikes for next year, down from three previously. The accompanying statement was hawkish as the Committee judged that risks to the economic outlook are roughly balanced, vs. the "appear to be balanced," from the previous statement.
In our previous forecast, our first target was 0.67500 and the pair is trading at 0.67270 as of writing.
As seen on the chart, the pair broke the triangle and pullbacks towards 0.67500 can be used as selling opportunities. Daily closings above 0.68200 would invalidate the pattern.
Our midterm targets are:
0.6670
0.6590
0.6550
0.6440
0.6340
and the target of the formation 0.62200 ( SHS Pattern on the weekly chart )
Discord Channel : discord.gg/Ku9kzfq
Cycle Sniper Indicator: mql5.com/en/market/product/51950
Cycle Sniper Indicator: mql5.com/en/market/product/51950
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.
Discord Channel : discord.gg/Ku9kzfq
Cycle Sniper Indicator: mql5.com/en/market/product/51950
Cycle Sniper Indicator: mql5.com/en/market/product/51950
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.