NZD/USD Price Analysis (update): Target achieved 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.
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The entry was signified at the 15-minute structure as follows:
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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:
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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.
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
