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Newzealanddollar

GBPNZD testing 1D MA200. Buy opportunity if it holds.GBPNZD is testing the 1D MA200 (orange trend-line) today after an almost 1 month correction since the February 03 High. That High was a Higher High on a +1 year series of Higher Highs. The last time we saw such an aggressive correction on a Higher Highs pattern to the 1D MA200, was in October - December 2019. During that sequence, the pair did test the 1D MA200, which also happened to be on the 0.5 Fibonacci retracement level (same as today), and as it held, it gave way to a new rally towards the 1.236 Fib extension. As a result, we should keep an eye on the daily candle closings for a rebound on the 1D MA200. If it holds, I expect a Higher High near 2.0800 this time. This pattern may be invalidated if we get a weekly close below the 1D MA200, in which case we can expect a new test on the Higher Lows trend-line from 2018. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
Long
by TradingShot
2
Today’s Notable Sentiment ShiftsNZD – The New Zealand dollar jumped to five-week highs on Wednesday as the RBNZ hiked rates by 25 basis points and signalled a more aggressive path forward may be necessary. Commenting on the RBNZ’s February meeting, Westpac stated that “the biggest surprise was the extent of the lift in the projected OCR track – higher even than our top-of-the-market forecast of 3%... We continue to expect a series of 25bp hikes at upcoming policy reviews. However, given how much work the RBNZ believes it has ahead of it, the risk of a 50bp move at any given meeting remains live.”
by thunderpips
2
GBP/NZD Double Top in Play as RBNZ Hikes RatesThe New Zealand Dollar gained after the RBNZ raised interest rates to 1% form 0.75% in February. On the 4-hour chart, GBP/NZD confirmed a close under a bearish Double Top I have been closely following since last week: www.dailyfx.com This may hint at reversing the uptrend from November, with immediate support as the 38.2% Fibonacci retracement at 1.9890. Other levels below include 50%, 61.8% and 78.6% at 1.9691, 1.9492 and 1.9208 respectively. Overturning the bearish projection entails a confirmatory close above the 2.0487 - 2.0535 resistance zone. FX_IDC:GBPNZD
by QM_Dubrovsky