Head & Shoulder of NZD, Downside Prevails
In Daily Chart of NZD, a huge H & S has completed.
Price plunged with a gap early this week, and when u measure the height of right shoulder, u can find that price level is near 0.7050.
There is a saying goes that RBNZ is about to give dovish wordings later in face of uncertain political environment as well as its overheated domestic real estate market,which may become a factor to drive NZD going further down.
MACD also gives negative signals, and RBNZ's expected level should be around 0.68, 1X the height of Head to neck from neckline. U will also find some support zones there.
I opened a short position before Chinese national holiday at around 0.7220, and closed half of them already this morning. A happy holiday for me. :)
Price plunged with a gap early this week, and when u measure the height of right shoulder, u can find that price level is near 0.7050.
There is a saying goes that RBNZ is about to give dovish wordings later in face of uncertain political environment as well as its overheated domestic real estate market,which may become a factor to drive NZD going further down.
MACD also gives negative signals, and RBNZ's expected level should be around 0.68, 1X the height of Head to neck from neckline. U will also find some support zones there.
I opened a short position before Chinese national holiday at around 0.7220, and closed half of them already this morning. A happy holiday for me. :)
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.