Technical:
Potential Double Top on Daily Timeframe.
Possible rejection at the 200 ema.
Price recently broke out of downtrend dated back to May and could be in position to retest the previous low from November.
Fundamental:
New Zealand has a higher interest rate having hiked twice currently at 0.75 from 0.25 and expects to get to 1.0 sometime next year. They plan on 4 hikes since they started ending towards the end of next year while Australia although considering to still make that decision, have sentiment that it may not need to hike until 2023. New Zealand has more reason to start taking action to strengthening their economy. I usually wouldn't trade a lower GDP country on the bull side however, I'm going off the interest rate hike news for an economy that's trying to recover. Higher interest rates, stronger dollar, given historical chart data even if priced in, I want to see if we can get a boost somewhere in the future for the NZD.
Not Advice!
Trade could go wrong but that's why we keep practicing!
Potential Double Top on Daily Timeframe.
Possible rejection at the 200 ema.
Price recently broke out of downtrend dated back to May and could be in position to retest the previous low from November.
Fundamental:
New Zealand has a higher interest rate having hiked twice currently at 0.75 from 0.25 and expects to get to 1.0 sometime next year. They plan on 4 hikes since they started ending towards the end of next year while Australia although considering to still make that decision, have sentiment that it may not need to hike until 2023. New Zealand has more reason to start taking action to strengthening their economy. I usually wouldn't trade a lower GDP country on the bull side however, I'm going off the interest rate hike news for an economy that's trying to recover. Higher interest rates, stronger dollar, given historical chart data even if priced in, I want to see if we can get a boost somewhere in the future for the NZD.
Not Advice!
Trade could go wrong but that's why we keep practicing!