Current situation:
- Price is in a long-term uptrend since March
- Today's spinning top puts the mid-term rally at risk
- The short term price action is consolidating above .7165
Looking ahead:
- NZD Cash Rate announcement is on August 10th but the RBA cut today may foreshadow the RBNZ decision next week.
- Tomorrow GDT Price Index numbers will be released
- If a reversal candle pattern forms using today's "spinning top" a broader sell-off may begin
Notes:
- A close below .7000 would mark a medium term change in trend, but I am not predicting that right now
- Price is in a long-term uptrend since March
- Today's spinning top puts the mid-term rally at risk
- The short term price action is consolidating above .7165
Looking ahead:
- NZD Cash Rate announcement is on August 10th but the RBA cut today may foreshadow the RBNZ decision next week.
- Tomorrow GDT Price Index numbers will be released
- If a reversal candle pattern forms using today's "spinning top" a broader sell-off may begin
Notes:
- A close below .7000 would mark a medium term change in trend, but I am not predicting that right now
Note
Still moving higher. Will it make .7300?
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
For more analysis, signals, education, and more sign up for Forex Forecast. It's free.
positionforex.my.canva.site/bio-link-site
positionforex.my.canva.site/bio-link-site
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.