The New Zealand dollar has received a boost following the central banks decision to hold interest rates constant. This was in line with the general market consensus, however the boost likely gained more traction as it was referenced that it is unlikely there will be more cuts in the foreseeable.
However, after a strong climb, price is now reaching an area which has previously acted as a key daily level of support which I am now expecting to turn resistance. Therefore, I will be looking to enter a short in this area in order to benefit from the pullback of the climb.
It is worth noting that there is hidden bullish divergence forming on the MACD which has yet to produce a buy signal but I will be keeping an eye on this to ensure I am not holding a short trade as momentum shifts.
Please undertake your own research before taking any trades
However, after a strong climb, price is now reaching an area which has previously acted as a key daily level of support which I am now expecting to turn resistance. Therefore, I will be looking to enter a short in this area in order to benefit from the pullback of the climb.
It is worth noting that there is hidden bullish divergence forming on the MACD which has yet to produce a buy signal but I will be keeping an eye on this to ensure I am not holding a short trade as momentum shifts.
Please undertake your own research before taking any trades
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Trade closed for 100 pips profit at the blue trend line!