NZDJPY double bottom
Updated
Tonight RBNZ is cutting the base rate from 1.00% to 0.75% at 1am GMT. This way it will have the same rate as RBA and BOE.
A good downtrend line and level 70 create resistance and a buy signal, if the level breaks.
Divergence on RSI shows a double bottom formation. Target bellow level 73.
Earlier entry before the break of the line is more aggressive and risky but provides better risk reward.
There is a danger of being caught in volatility once the rates come out.
Alternatively a move to the down side is possible if NZD sells off on the rate cut.
Share your thoughts on the NZD rate cut!
Good Luck!
A good downtrend line and level 70 create resistance and a buy signal, if the level breaks.
Divergence on RSI shows a double bottom formation. Target bellow level 73.
Earlier entry before the break of the line is more aggressive and risky but provides better risk reward.
There is a danger of being caught in volatility once the rates come out.
Alternatively a move to the down side is possible if NZD sells off on the rate cut.
Share your thoughts on the NZD rate cut!
Good Luck!
Note
Rates remain unchanged and surprise: no cut, still at 1%!
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