Please hit the like button to support our ideas in the future. Thanks!
TECHNICALS:
The pair is completing a pullback to the broken wedge pattern which aligns with a recent resistance level, effectively forming a double top pattern. The 1.08 round-number level also provides a nice resistance to the upside.
1-hour chart: Signs of overbought conditions with strong selling pressure forming around 1.08 level.
FLOWS:
Positioning in both currencies is bearish, but shows signs of decreasing after the recent risk-on run.
ECONOMIC SURPRISES:
The NZD is well supported by recent economic reports which came in better than expected.
CORRELATIONS:
Yield differentials point lower, and the Australian vs New Zealand stock market ratio is still well below the current exchange rate.
TECHNICALS:
The pair is completing a pullback to the broken wedge pattern which aligns with a recent resistance level, effectively forming a double top pattern. The 1.08 round-number level also provides a nice resistance to the upside.
1-hour chart: Signs of overbought conditions with strong selling pressure forming around 1.08 level.
FLOWS:
Positioning in both currencies is bearish, but shows signs of decreasing after the recent risk-on run.
ECONOMIC SURPRISES:
The NZD is well supported by recent economic reports which came in better than expected.
CORRELATIONS:
Yield differentials point lower, and the Australian vs New Zealand stock market ratio is still well below the current exchange rate.
评论:
Pinbar pattern forming on daily chart. Possible bull trap?
