The New Zealand dollar seems to be unphased by the FOMC meeting this afternoon unlike the rest of the markets. Yes it moved up sharply but eventually settled back in its prior position with a little momentum to push back to top resistance points. Let’s zoom in.
Several items to note here that are brought to light:
– The New Zealand Dollar is currently still above the 200EMA and 365EMA respectively displaying an upward trend which constitutes a BUYing trend.
– EXTREME RSI oversold levels reaching 29 and 30 levels displaying almost a double bottom pattern
– Multiple broken lower Bollinger Bands instances
– Higher highs and higher lows pattern exhibited
As soon as I saw this based on my set up rules, this was a natural BUY order for me. My suggestion is to place your take profit should be below the nearest resistance point 0.58660 levels and your stop loss, I’d put under the 200 EMA for good measure near the 0.57990 line.
Not financial advice. Hotep & Build (wealth).