This pair hit a past demand area and seems show some bullish movement, however until we see an impulse move, I still consider this is a correction to previous resistant. I have a long position right now but I am still keep bearish bias . Waiting for short opportunity.
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I was anticipating short but now have to enjoy the impulse and no more short bias
You both can be right. It is indeed still bearish to 0.67400 because on daily chart RSI is strongly oversold.This is one thing and it can easily touch this bottom until 8th of Nov when as Kudeta says it is a possible idea of rate hike and this could mean the reversal to the upside. However I wonder if the new NZ government maybe wants a cheap NZD as so many times the Bank governor stated "NZD is overvalued" or something and justbas Draghi passed the idea of a rate hikexfor Eur until after Q2 2018 to keep a cheap Eur so NZ bank could pass it to keep a cheap NZD. Both ccy will go down vs Usd because Fed will hike it in Dec. So they obtain cheap Nzd and Eur letting Fed hike it...:)))
Kudeta
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Hello witoutmercy, I believe the demand will come on November 8th. I except the rbnz to hike up because at this point, the rate is too low for the bank standard, also because this is their last meeting of the year, the next one will be in 4 or 5 months. Also because their current inflation stands almost at 2% and the oils are on their way up and lastly, knowing that the fed is likely at 98% to move theirs in December, they don’t want to be behind the curve.
My analysis, and only mine.
withoutmercy
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@Kudeta, Hi, thanks for your comment, I don't see any impulse so this demand zone doesn't seems important now, still show corrective move , so I still expect more down.