Retracement Off Dovish RBNZ Statement
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The Reserve Bank of New Zealand was surprisingly more Dovish than expected. This caused the price of all NZD pairs to weaken. This is a simple trade. Wait for the price to retrace and then hop in. There are two good spots: 1.58500 & 1.58050. These are the 28.6% and 38.2% Fib Retracement levels and they are previous support/resistance lines on the hourly chart. The entry at 1.58500 is the more risky of the two; however, it is also more likely to occur.
I am targeting 1.6000 as my take profit, as that was the high last week. And, I have my Stop loss below the 61.8% fib level. As that level is also a previous support/resistance level: 1.5735
I am targeting 1.6000 as my take profit, as that was the high last week. And, I have my Stop loss below the 61.8% fib level. As that level is also a previous support/resistance level: 1.5735
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