EURNZD has been falling sharply since the massive upmove that followed the French Elections. We are looking for long entries for a much higher move.
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Erratum: meant falling wedge, not rising wedge.
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Next week is RBNZ rate decision, we could close the gap and bounce higher,
Daily view:
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with RBNZ in 2 hours time we can see EURNZD already broke its wedge. Should the tone be dowish, we want to see a strong impulse followed by a continuation type of pattern to trade the next leg higher. An hawkish move from RBNZ could send the price much lower, maybe be for a retest of the large wedge broken after the French elections.
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Buying Box has been reached and price bounced aggressively as anticipated. We are now seeking for a continuation pattern to add on long positions.