NZDUSD is retracing prior to RBNZ Official cash rate which is due on Wednesday 21:00 GMT. Also, mr.John Key, who is the Prime Minister of New Zealand commented that the currency has fallen too fast. However this retracement in my opinion is temporary and as always the governor of RBNZ mr.Graeme Wheeler has the final word and he is responsible for setting up NZ interest rates.
Technically the pair is still in downtrend and 0.6620 zone shows a good confluence for a fresh short. In the zone we can see a confluence of H3, 50.0, previous sellers vs now moment sellers and descending flat bottom triangle breakout point. NZDUSD should stay below the top trend line of the triangle confluence (0.6690-0.6700) for the bearish bias to remain and target is 0.6455, L3 weekly camarilla support.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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