NZDUSD Common Gap after M pattern

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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.

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