NZD/USD - Upside break could end up in Cypher formation
Kiwi rallied after RBNZ shock many in the markets by keeping interest rates unchanged. The bank was widely expected to cut rates by 25 basis points.
As of now the bird is struggling to take out rising channel (blue). If indeed the resistance is breached on day end closing basis, we could go higher to another trend line resistance (black). The level is seen rising to just above 0.73 in next few days and could turn out to be Leg C of the cypher pattern. Failure at leg C followed by a break below blue trend line would mean the pair could drop to Leg D. Note Leg C has to reach minimum 127.2%. So we could turn lower from near 0.7250 levels as well.
The entire price action could play itself out during next couple of months or so.
As of now the bird is struggling to take out rising channel (blue). If indeed the resistance is breached on day end closing basis, we could go higher to another trend line resistance (black). The level is seen rising to just above 0.73 in next few days and could turn out to be Leg C of the cypher pattern. Failure at leg C followed by a break below blue trend line would mean the pair could drop to Leg D. Note Leg C has to reach minimum 127.2%. So we could turn lower from near 0.7250 levels as well.
The entire price action could play itself out during next couple of months or so.
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