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After one hour later, A major fundamental news is set to release that is RBNZ Interest Rate Decision. Expectation is totally bullish for this pair as it is expected that RBNZ is going to raise Interest Rates for second time in a row Raise Interest Rates after holding rates steady for the past 3 years at 2.5%. When the RBNZ raised rates last time pair took a sharp up-trend and reached 0.8745 over a one-month period with very little retracement from 0.8460. However looking at current scenario, price is holding support of 0.8550 and moving in a sideways currently and already broken its uptrend-line, therefore according to me this time history might not repeat, as it is said for market movement. According to me, Price is going to break its support line of 0.8550, however I will wait for breakout from its sideways zone, before making any trade decision.
Have a nice day!!
After one hour later, A major fundamental news is set to release that is RBNZ Interest Rate Decision. Expectation is totally bullish for this pair as it is expected that RBNZ is going to raise Interest Rates for second time in a row Raise Interest Rates after holding rates steady for the past 3 years at 2.5%. When the RBNZ raised rates last time pair took a sharp up-trend and reached 0.8745 over a one-month period with very little retracement from 0.8460. However looking at current scenario, price is holding support of 0.8550 and moving in a sideways currently and already broken its uptrend-line, therefore according to me this time history might not repeat, as it is said for market movement. According to me, Price is going to break its support line of 0.8550, however I will wait for breakout from its sideways zone, before making any trade decision.
Have a nice day!!
