Its important to notice here a few things:
1. Its still found support off the and had back up with the 0.5 fib retracement .
2. Its now clearly broken the downward
3. It has broken the 0.618 fib line and is staying above it for now, probably like us , traders are waiting with anticipation not so much on the cash rate by the RBNZ, as more the statement that follows for some key upbeat words to shed some light on their outlook, then we will see this move properly.
4. If Mr Wheeler is feeling positive then there's nothing in its way until 80.00 - 80.70 level where 0.786 fib sits, or longer term 82.00-83.00 levels
5. Right now by our calculations that's either 140 pips or 300 + pips
6. There is very much a risk on sentiment as well right now, so the JPY is feeling unloved
So we will set our entry target @ 78.30
TP1 @ 80.00
TP2 @ 82.00
Stop @ 77.80
Happy trading people ........
Will be in touch .......
That could be what this needed to give it some fuel ( excuse the pun ) to tick higher.
Watch this space !!