NZDUSD Common Gap after M pattern

1 min read

2015-04-30_9-50-54

Last night after RBNZ announced that it would put rates on hold but consider a cut on demand cues and just after the conference NZDUSD was hammered down with a gap. This gap is classified as a “Common gap” and it was preceded by M pattern. POC ( retail gap, L3, 61.8 ) presents a good spot to further short into the pair if the gap is closed at 0.7670-80 region. There is also an intra week trend line which makes up for resistance zone just above POC. NZDUSD should weaken further towards daily lows and 0.7540.

read the original article on AdmiralMarkets.com

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