This Sell Zone may be interesting towards RBNZ rate decision
NZDUSD exploded higher as the rest of the Majors due to the Dollar's weakness last Friday. Now it is reaching an interesting resistance zone - One that has generated nice bearish moves in recent weeks.
Broken uptrend line - Now should act as resistance
Psychological level and daily structure zone
PRZ of Harmonic patterns.
Interesting potential Sell Zone towards RBNZ rate decision - especially when rate cut is expected.
Look for intraday reversal signs inside the 0.7 resistance zone. Stop loss should be at least above 0.705 (recognize reversal first)
Tomer Jakov, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews for the week- goo.gl/tNaV9s
To subscribe to the newsletters - goo.gl/JfOLoR
Note
No rate cut - No trade. Setup not relevant
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.
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.