NZDUSD Triangle Breakout And Longterm Trade Opportunity
As we have mentioned in our latest NZDUSD forecast – see NZDUSD Forecast – the selling pressure on the pair remains.
According to the latest GDP data released today, New Zeland’ Anual Growth eased from 3.2% to 2.6%. Markets are forecasting a 25bp cut in the Official Cash Rate in November 2019.
On the other hand, FED lifted rates as expected by 0.25%, with the dot-plot now pre-announcing two probable rate hikes for next year, down from three previously. The accompanying statement was hawkish as the Committee judged that risks to the economic outlook are roughly balanced, vs. the “appear to be balanced,” from the previous statement.
In our previous forecast, our first target was 0.67500 and the pair is trading at 0.67270 as of writing.
As seen on the chart, the pair broke the triangle and pullbacks towards 0.67500 can be used as selling opportunities. Daily closings above 0.68200 would invalidate the pattern.
Our midterm targets are:
0.6670 / REACHED
0.6590 / REACHED 130 PIPS
0.6550 / REACHED 170 PIPS
and the target of the formation 0.62200 ( SHS Pattern on the weekly chart )
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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money
NZDUSD: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.