NZD/USD will complete the bearish Butterfly at 0.6132, rate deci
DXY (USD Index) - sellers emerged again on Friday, breaking the index out of the intraday consolidating channel formation to the downside. This negative sentiment has continued overnight. The daily chart highlights a projected confluence level for the AB leg of a Bat formation located at 102.67.
NZD/USD - the pair continues to move higher from the 0.5859 swing low. We will complete a bearish Butterfly formation between 0.6132 and 0.6143. Bespoke resistance is located at 0.6136 and 0.6141.
We have the Reserve Bank of New Zealand (RBNZ) interest rate decision, policy statement, and press conference on Wednesday morning. I am looking for this data release to cause volatility in the cross.
Conclusion - although there is no clear indication of an immediate change of trend, with a strong confluence barrier located between 0.6132 and 0.6143, I am looking at selling into rallies. The prime target area is 0.5963.
Resistance: 0.6132-43 (butterfly), 0.6136-41 (bespoke). 0.6500 (bespoke)
Support: 0.6055 (swing high), 0.6007 (bespoke), 0.5963 (bespoke)
NZD/USD - the pair continues to move higher from the 0.5859 swing low. We will complete a bearish Butterfly formation between 0.6132 and 0.6143. Bespoke resistance is located at 0.6136 and 0.6141.
We have the Reserve Bank of New Zealand (RBNZ) interest rate decision, policy statement, and press conference on Wednesday morning. I am looking for this data release to cause volatility in the cross.
Conclusion - although there is no clear indication of an immediate change of trend, with a strong confluence barrier located between 0.6132 and 0.6143, I am looking at selling into rallies. The prime target area is 0.5963.
Resistance: 0.6132-43 (butterfly), 0.6136-41 (bespoke). 0.6500 (bespoke)
Support: 0.6055 (swing high), 0.6007 (bespoke), 0.5963 (bespoke)