NZDUSD short on rallies
0.8500 is the strong support which has now turn into resistance. I am looking for a deeper pullback to 0.8540, the 38.2% FIB retracaement, before initiating a short position.
The main risk to this technical picture is another RBNZ rate hike in June/July. If RBNZ raises interest by another 0.25% to 3.25%, the bearish TA could be negated.
Short NZDUSD 0.8530-40
SL 50pips
TP 0.8400
The main risk to this technical picture is another RBNZ rate hike in June/July. If RBNZ raises interest by another 0.25% to 3.25%, the bearish TA could be negated.
Short NZDUSD 0.8530-40
SL 50pips
TP 0.8400
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