Posted at 23:22h
in
EUR,
GBP,
NZD
by RS2OOO
Following overnight news that RBNZ have been selling NZD due to their belief its over-valued with a promise to continue intervention as necessary, I decided to take a closer look.
GBP:NZD
When trading this pair I find MACD very helpful. With regards to the long side, I would analyse as follows.
Cons:
The Weekly candle is up against the 20 MA, quite a common retrace level in a Weekly trend. Also, my downside target of 1.71 hasn't been achieved yet so I'm not convinced a long term low is in place, but a medium term one could well be.