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Newzealanddollar

GBPNZD testing 1D MA200. Buy opportunity if it holds.GBPNZD is testing the 1D MA200 (orange trend-line) today after an almost 1 month correction since the February 03 High. That High was a Higher High on a +1 year series of Higher Highs. The last time we saw such an aggressive correction on a Higher Highs pattern to the 1D MA200, was in October - December 2019. During that sequence, the pair did test the 1D MA200, which also happened to be on the 0.5 Fibonacci retracement level (same as today), and as it held, it gave way to a new rally towards the 1.236 Fib extension. As a result, we should keep an eye on the daily candle closings for a rebound on the 1D MA200. If it holds, I expect a Higher High near 2.0800 this time. This pattern may be invalidated if we get a weekly close below the 1D MA200, in which case we can expect a new test on the Higher Lows trend-line from 2018. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
Long
by TradingShot
2
Today’s Notable Sentiment ShiftsNZD – The New Zealand dollar jumped to five-week highs on Wednesday as the RBNZ hiked rates by 25 basis points and signalled a more aggressive path forward may be necessary. Commenting on the RBNZ’s February meeting, Westpac stated that “the biggest surprise was the extent of the lift in the projected OCR track – higher even than our top-of-the-market forecast of 3%... We continue to expect a series of 25bp hikes at upcoming policy reviews. However, given how much work the RBNZ believes it has ahead of it, the risk of a 50bp move at any given meeting remains live.”
by thunderpips
2