18 April 2022
The major currency pair NZDUSD did a fakey out of the 0.6890 highs for the year, only to drop back into the range.
There hasn't been a clear enough directional bias on the NZDUSD from the weekly time frame perspective as we had an earlier drop from 0.6890 to 0.6520 and then a push back and false break of the resistance 0.6890 only to drop back in.
You can see this from the weekly time frame chart below
by the way this move is coming from 50 Fib retracement level and the lows of the year 0.6520 should be hit without much stress. If it breaks out then 0.5960 would be a good target for the bears.
0.6750 untested resistance area of interest on the hourly time frame will be a good place to look for short opportunities to continue with the prevailing trend.
Also note that as inflation has been a big cause of concern for the world at large, the reserve bank of New Zealand has steadily been increasing rates since June of 2021, 0.50 basis point increment just last week as well makes it the 4th consecutive hike.
RBNZ Gov Orr will be on the wires later today by 9 p.m. UK time so expect possible volatility to be introduced to the NZD pairs. By Fast Bull News
The major currency pair NZDUSD did a fakey out of the 0.6890 highs for the year, only to drop back into the range.
There hasn't been a clear enough directional bias on the NZDUSD from the weekly time frame perspective as we had an earlier drop from 0.6890 to 0.6520 and then a push back and false break of the resistance 0.6890 only to drop back in.
You can see this from the weekly time frame chart below
by the way this move is coming from 50 Fib retracement level and the lows of the year 0.6520 should be hit without much stress. If it breaks out then 0.5960 would be a good target for the bears.
0.6750 untested resistance area of interest on the hourly time frame will be a good place to look for short opportunities to continue with the prevailing trend.
Also note that as inflation has been a big cause of concern for the world at large, the reserve bank of New Zealand has steadily been increasing rates since June of 2021, 0.50 basis point increment just last week as well makes it the 4th consecutive hike.
RBNZ Gov Orr will be on the wires later today by 9 p.m. UK time so expect possible volatility to be introduced to the NZD pairs. By Fast Bull News
