NZDJPY double bottom
2019-11-13 04:27:17
Tonight RBNZ is cutting the base rate from 1.00% to 0.75% at 1am GMT. This way it will have the same rate as RBA and BOE.
A good downtrend line and level 70 create resistance and a buy signal, if the level breaks.
Divergence on RSI shows a double bottom formation. Target bellow level 73.
Earlier entry before the break of the line is more aggressive and risky but provides better risk reward.
There is a danger of being caught in volatility once the rates come out.
Alternatively a move to the down side is possible if NZD sells off on the rate cut.
Share your thoughts on the NZD rate cut!
Good Luck!