NZD awaits a much needed correctional bounce
We have seen downtrend on the pair for past 6 months and clearly the reason been dovish RBNZ cutting rates aggressively. RBNZ would come again in couple of days to storm the markets, i am looking for a buy technically , just waiting to see if RBNZ would BE "LESS DOVISH" this time and not punish the currency with further rate cuts. I am optimistic as NZD's recent GDP been positive and positive developments are seen between US and CHINA.
Also, we might see Bank of Canada try similar insurance rate cuts like USA and hence look for a base forming in .80-.83 level for a sharp bounce and take this long term swing trade
Also, we might see Bank of Canada try similar insurance rate cuts like USA and hence look for a base forming in .80-.83 level for a sharp bounce and take this long term swing trade
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The week already started with pullback, but RBNZ is what that should tell us if its sustainable
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Watch RBNZ tonight for a buy opportunity
