We are trading in a downtrend for this pair. Last drop was due to the rate cut from the Royal Bank of New Zealand. They've cut the rate with 0.25%, and that is literly not a rate cut that could do much from my point of view.
I don't think it will drop further because my daily chart shows me we reached channel support. Also there is a falling wedge in this channel completing at the bottom.
Daily timeframe shows a bullish divergence so this could be a ride untill the channel top. Very good risk reward trade here. We are also making a double bottom on this channel and that is really bullish.
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UPDATE 16-06-2015
Trade active.
Consolidation here, monitor your trade and know your risk.
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Got stopped out, SL love them or hate them. Just respect them!
I don't think it will drop further because my daily chart shows me we reached channel support. Also there is a falling wedge in this channel completing at the bottom.
Daily timeframe shows a bullish divergence so this could be a ride untill the channel top. Very good risk reward trade here. We are also making a double bottom on this channel and that is really bullish.
------------------------------------------------------------------------------------
UPDATE 16-06-2015
Trade active.
Consolidation here, monitor your trade and know your risk.
-----------------------------------------------------------------------------------
Got stopped out, SL love them or hate them. Just respect them!