GBPNZD - Potential Perfect Storm
Taking a look at RSI on the 1 hour timeframe, it's obvious we are getting some bearish divergence after a strong week long rally.
This strong bullish price action was attributed to the RBNZ interest rate decesion last week where interest rates were left unchanges at 5.50%
However, later today we get the latest CPI data from New Zealand followed by UK's CPI data a few hours later. Could this be a potential perfect storm where New Zealand will show a surprise to the upside followed by a surprise to the downside with the UK?
If that happens, I would expect this ascending support trendline to break opening the doors for a reversal.
Time will tell but early clues are beginning to develop on the 1 hour timeframe with RSI.
That's it - That's all
Trade Safe.
This strong bullish price action was attributed to the RBNZ interest rate decesion last week where interest rates were left unchanges at 5.50%
However, later today we get the latest CPI data from New Zealand followed by UK's CPI data a few hours later. Could this be a potential perfect storm where New Zealand will show a surprise to the upside followed by a surprise to the downside with the UK?
If that happens, I would expect this ascending support trendline to break opening the doors for a reversal.
Time will tell but early clues are beginning to develop on the 1 hour timeframe with RSI.
That's it - That's all
Trade Safe.
I manage forex accounts for HNWI and sophisticated investors.
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Managed Forex Accounts
➡️ manage.forex
Track Record
➡️ tinyurl.com/y67rnwrd
➡️ linkedin.com/in/forexdaytrader
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