As expected, NZD goes down. Nice clean trade on the CADCHF
We start with a nice, clean, technical setup on the CADCHF. The price bounced from the 38,2% Fibonacci and broke the lower line of the bullish correction. That would be a great sell only if not the BoC later today. Movements after the decision and statement are impossible to predict, which makes this setup very risky at this moment.
NZDCHF is having a very nice sell signal. The price broke the lower line of the flag, creating a head and shoulders pattern at the top of this formation. Today, the price is going lower, which confirms this sell signal.
NZDUSD comes back to the downtrend after flirting with the horizontal resistance. It looks that the green line is rejected and we should see a further decline.
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis