NZD/USD awaits volatility
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Trade idea
SELL 1.6710; TP1 0.6665; TP2 0.6600; SL 0.6740
NZD/USD is about to experience a spike in volatility. Big moves may be triggered by the meeting of the Reserve Bank of New Zealand early on Wednesday.
Weekly and monthly timeframes show that NZD/USD has recently met long-term resistance and turned down. The pair is currently holding to the ultimate support at 1.6720 (100-day MA). The decline below this level will open the way down to 0.6665 (78.6% Fibo of the January advance, trendline support from September) and probably even 0.66 if we assume that the pair’s forming a “Shark” pattern.
