NZD/USD Charts Potential Bearish Reference Candle
The below is the daily chart of the NZDUSD. Tuesday’s candle is a potential bearish reference candle (blue arrow). I.e. it has a lower high on either side of it. Moreover, Wednesdays’ candle is long candle down, which closed well below the reference candle’s low (green horizontal). This was due to the dovish announcement by the RBNZ that the next rate move is likely to be a cut. This has given weight to the bearish reference candle scenario. The RSI(9) is below 50 and is indicative of an underlying bearish momentum. We continue to monitor.
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