NZDUSD official cash rate coming; implications of head and shoulders
In the aftermath of recent move by the Reserve Bank of Australia, AUDUSD dropped out of a 4-week channel in a move extending more than 800 pips.
NZDUSD bears are licking their lips in anticipation of a similarly punishing move after the announcement of the RBNZ Official Cash Rate this Thursday.
In a replay of AUDUSD charts before, the appearance of a channel/head and shoulders formation visible in the H4 and Daily charts do not portend a positive outcome. The risk-off mood right in the beginning of this week does not help either.
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