The US dollar index rose to 105.40 after the Fed’s 75-basis-point key rate hike, while the stock and the crypto markets fell. However, during the past few days, investors and traders returned to risk assets as they expect inflation growth to slow. Moreover, Jerome Powell, the head of the Federal Reserve, announced the Fed might start cutting the key rate by 2024, which is the most evident hint of an upcoming market reversal.
NZD/USD is counting on AB=CD
2019-11-11 • Updated
TP1 0.6785 TP2 0.6815 TP3 0.691
On the daily chart, NZD/USD failed at the first test of the lower border of the 0.6710-0.685 consolidating range and the upper border of the downtrend channel. Never the less, bulls are still hoping to return the pair to the middle of the precious ledge and trigger “Shakeout-Fakeout” pattern.
On H1, to continue the rally NZD/USD has to trigger AB=CD pattern with a target at 200%. At the same time, the pair will keep forming the “Shark” pattern with a target at 88.6%.
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