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  4. NZDUSD T-89 pattern in progress

NZDUSD T-89 pattern in progress

December 03, 2015 08:53

Today we expect a huge volatility as we have ECB decision and press conference scheduled for 13:45 GMT. As I have stated many times regarding USD, there is a strength in USDx and there is a scope for EURUSD to proceed more down. However, due ti the nature of ECB meeting today I advise to stay out of EURUSD as we should focus on currencies that are also trending and showing good patterns.

NZDUSD has been trending nicely within the equidistant channel. We can spot T-89 pattern in progress. T-89 is the part of POC zone( 38.2, double bottom, historical buyers). Rejection from the zone 0.6610-20 targets 0.6710 - the top of equidistant channel. If the price pullbacks to the zone we should watch for any bullish reversal patterns as the zone could reject the price once more.

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