A few days ago the GBPNZD came out of the downtrend, and we have successfully retested the channel breakout point at the 1.8700 level.
The EURNZD has squeezed higher as a result of risk aversion the last few sessions, but we have stalled at a downtrend line and the 88.6% Fibonacci extension ahead of the RBNZ rate decision today.
The NZDCAD has a descending wedge into a 61.8% Fibonacci level. The Descending wedge already is a signal for a bullish reversal.
A close above the 0.6700 level tomorrow may trigger a longer term double bottom setup for the pair.
The NZDUSD has been following a steep downtrend line since March, and we are nearing the 88% retracement of the Sept 2018 lows to December 2018 highs and also the 127% extension of the December 2018 lows to 2019 highs.
One of our traders in our Forex Analytix community chat rooms (guyr) brought the EURNZD inverted head and shoulder’s pattern to our attention.
We are not sure if the upper end of the 1.9000-1.9550 channel will be broken, but it is a risk this time around as the GBP is starting to look constructive against other pairs as well.
The AUDNZD has been in a steep downtrend after breaking below the 1.0500 level.