Today’s RBNZ caught the market off guard with the 0.5% rate cut today. But they didn’t stop there. They also signaled they may need to go to negative rates down the track. That’s a huge negative and it should have sellers lining up back towards 0.6500.
Current Technicals: Down
Daily Resistance: 0.6487
NZDUSD HOURLY CHART – Current Price 0.6435
Current Fundamentals: Down
Central Bank Sentiment: Down
Geopolitical Impact: Down
Upcoming Potential Fundamental Drivers
Short positions below 0.6487 with a target towards 0.6350.
This is now a technical trade so I’ll be using Trendline Trader to execute the order.
Entry level: 0.6475 (Pending Limit Sell order)
Stop Loss: Above 0.6500
Take Profit: Towards 0.6350
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