NZD/USD Price Analysis (update): Target acheived to trendline support ahead of RBNZ
- NZD/USD runs into a critical support area ahead of the RBNZ.
- Bears may wish to wait for the outcome before committing to the downside at this juncture.
As per the following article, NZD/USD Price Analysis: Bears on verge of test of trendline support, the price has indeed moved to target as the greenback catches a bid in the Asian session.
The entry was signified at the 15-minute structure as follows:
Target achieved
Bears will have gained a 1:3 risk to reward ratio in the above outcome or possibly riding the impulse even further for higher reward.
However, at this juncture, it would be expected to see a correction back to test a potential structure on the daily chart as follows:
The Reserve Bank of New Zealand is due in a short while, so it is advisable to wait and see what the outcome of that meeting is before committing to the curremy one way or the other.
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When is the RBNZ and how it could affect NZD/USD?
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