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With the new government in power in new zeland the nzd/usd pair has been selling off over the last 7 sessions . Analysis of the above chart shows that there is now a divergence in place between the price and stochastic where the price has made a lower low whereas the stochastic has made a higher low . This could result in a small pull back in the nzd/usd pair and we could see levels of 0.69500 in the coming days .
expertmarss's Blog
NZD/USD sell off
Nzd/usd dropped to new lows today on formation of a new government that is in the form of a coalition between the Labour and New Zealand first party . Investors were concerned about the economic policies of the new government .There is concern that Labour will be less business friendly or have a loose fiscal stance .These concerns have hit the nzd dollar hard with nzd/usd hitting a 5 month low. Only a favorable announcement from the new government in respect of future economic policies and goals…
NZD/USD bullish cup and handle on daily charts
Nzd/usd pair is in the middle of completing a very bullish cup and handle pattern on the daily charts . The pattern holds high significance in technical analysis for its high probability setup . The pair should continue to consolidate in the handle area further and a break out of the handle consolidation which is around 0.7200 level should be considered very bullish . Nzd/usd could rally 150 - 200 pips if it breaks out of this pattern .