NZDUSD Forecast: Building Basing Pattern The market had been falling for what seems like forever, so now it looks like we're going to try to turn things around and rally again.
Enter your emailThe market had been falling for what seems like forever, so now it looks like we're going to try to turn things around and rally again.At this point, the market has been forming a huge rounding pattern, so it would be interesting to see whether or not we can turn around and change the overall trajectory. It certainly looks as if we are going to make an attempt to recover. The 50 day EMA sits above at the 0.
The market will continue to be very noisy, but that is typical for the New Zealand dollar. Pay attention to risk appetite around the world because if it continues to pick up, that will do quite well for this currency pair. As long as people are willing to put risk out there, it is very likely that this pair will rally and go looking towards higher levels, perhaps even as high as 0.70 above. On the other hand, if we turn around and break down below the 0.
This will be a longer-term prospect, and it is not likely to happen overnight. To me it looks like it is probably only a matter of time before we try to regain some ground and pick things up going forward. Be cautious about your position size, but once the trade starts working on your favor you can go ahead and add.
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