RLinda ! NZDUSD-> Triple Top. What's next?
The U.S. dollar, which rose amid tightening measures by the U.S. Federal Reserve, weakened last week as there are signs in the market that the Fed is likely to slow the pace of rate hikes.
Several Fed officials have also floated the idea of lowering the pace of rate hikes.
The New Zealand dollar is holding near $0.58, supported by a tough central bank stance. The head of the Reserve Bank of New Zealand said that while the country is in a good financial and economic position, inflation is still too high
The Reserve Bank held a 50 basis point rate hike in October and has now raised the monetary rate by a total of 325 basis points to 3.5%
Traders are now awaiting the central bank's biennial financial stability report, due Nov. 2.
On the 1-hour chart we see an upward price channel and an attempted break-up of the resistance at 0.5805, and the price tests the resistance of the price channel and breaks the limit zone at 0.58700, forming a "Triple-Top" pattern.
The "Triple-Top" pattern can imply a pullback down to the support area of the price channel.
I expect a breakdown of the level of 0.5805 downwards and consolidation under the level for further entry into a short position.
Short-term target - the support area of the price channel
Medium-term target - support area at 0.56795.
Regards R.Linda!
Several Fed officials have also floated the idea of lowering the pace of rate hikes.
The New Zealand dollar is holding near $0.58, supported by a tough central bank stance. The head of the Reserve Bank of New Zealand said that while the country is in a good financial and economic position, inflation is still too high
The Reserve Bank held a 50 basis point rate hike in October and has now raised the monetary rate by a total of 325 basis points to 3.5%
Traders are now awaiting the central bank's biennial financial stability report, due Nov. 2.
On the 1-hour chart we see an upward price channel and an attempted break-up of the resistance at 0.5805, and the price tests the resistance of the price channel and breaks the limit zone at 0.58700, forming a "Triple-Top" pattern.
The "Triple-Top" pattern can imply a pullback down to the support area of the price channel.
I expect a breakdown of the level of 0.5805 downwards and consolidation under the level for further entry into a short position.
Short-term target - the support area of the price channel
Medium-term target - support area at 0.56795.
Regards R.Linda!
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