NZDUSD Triangle Breakout and Midterm Targets
According to the latest GDP data released today, New Zeland’ Anual Growth eased from 3.2% to 2.6%. Markets are forecasting a 25bp cut in the Official Cash Rate in November 2019.
On the other hand, FED lifted rates as expected by 0.25%, with the dot-plot now pre-announcing two probable rate hikes for next year, down from three previously. The accompanying statement was hawkish as the Committee judged that risks to the economic outlook are roughly balanced, vs. the “appear to be balanced,” from the previous statement.
In our previous forecast - see attached - our first target was 0.67500 and the pair is trading at 0.67270 as of writing.
As seen on the chart, the pair broke the triangle and pullbacks towards 0.67500 can be used as selling opportunities. Daily closings above 0.68200 would invalidate the pattern.
On the other hand, FED lifted rates as expected by 0.25%, with the dot-plot now pre-announcing two probable rate hikes for next year, down from three previously. The accompanying statement was hawkish as the Committee judged that risks to the economic outlook are roughly balanced, vs. the “appear to be balanced,” from the previous statement.
In our previous forecast - see attached - our first target was 0.67500 and the pair is trading at 0.67270 as of writing.
As seen on the chart, the pair broke the triangle and pullbacks towards 0.67500 can be used as selling opportunities. Daily closings above 0.68200 would invalidate the pattern.
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TP2 REACHED
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