RBNZ Interest Rate Decision - there has been speculation that the bank will cut rate today. In anticipation of this most of the NZD pairs have shown NZD to be weak as other have gained.
However, looking at all NZD pairs it seems that the gains have been of the corrective nature. Therefore, if the rates are maintained there could be spike in the prevailing direction and then reverse.
So with that in mind whilst GBPNZD remains long term bullish, the overall correction in play from recent high at 2.10 is still in development. If correct I suspect we might get short opportunity with high at 2.081 as the pivot on which suitable protective stop loss could be place or even better the high of 2.10.
Downside target is potentially 1.97 - 1.95 zone as the bottom of the rising trend channel.
Failing this once the action has settled a short position could be considered on any retracement of the initial decline.
As always, if you like my analysis select to follow me and the chart but do your own analysis for any trade planning and appropriate money management.
DanV
However, looking at all NZD pairs it seems that the gains have been of the corrective nature. Therefore, if the rates are maintained there could be spike in the prevailing direction and then reverse.
So with that in mind whilst GBPNZD remains long term bullish, the overall correction in play from recent high at 2.10 is still in development. If correct I suspect we might get short opportunity with high at 2.081 as the pivot on which suitable protective stop loss could be place or even better the high of 2.10.
Downside target is potentially 1.97 - 1.95 zone as the bottom of the rising trend channel.
Failing this once the action has settled a short position could be considered on any retracement of the initial decline.
As always, if you like my analysis select to follow me and the chart but do your own analysis for any trade planning and appropriate money management.
DanV