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  • NZD/USD runs into a critical support area ahead of the RBNZ.
  • Bears may wish to wait for the outcome before committing to the downside at this juncture. 

As per the following article, NZD/USD Price Analysis: Bears on verge of test of trendline support, the price has indeed moved to target as the greenback catches a bid in the Asian session. 

The entry was signified at the 15-minute structure as follows:

Target achieved

Bears will have gained a 1:3 risk to reward ratio in the above outcome or possibly riding the impulse even further for higher reward. 

However, at this juncture, it would be expected to see a correction back to test a potential structure on the daily chart as follows:

The Reserve Bank of New Zealand is due in a short while, so it is advisable to wait and see what the outcome of that meeting is before committing to the curremy one way or the other. 

  • When is the RBNZ and how it could affect NZD/USD?