$EURNZD RBNZ rates play

Reserve Bank of New Zealand interest rates decision play is a very risky high impact event not suited for everyone. The spread goes wild and extremely volatile. The best pairs for high profits are GBPNZD and EURNZD. The 1^st is even more volatile but taking EURNZD is a bit softer on your nerves.

The most comfortable time frame for me is the 1 hour chart, gives perspective on a larger structure and levels to watch.

https://twitter.com/fximperija/status/725431212429443072

The pair finished a bullish impulse sequence with the wave 5 top and correction is expected. The level for correction is usually the previous wave 4 low and should be regarded as target. This is a snapshot of order filled after price came down to the open, below the EMA89 (bearish territory) and continued lower toward wave 4 low. Position has been closed after price made lower low of wave 4 and started pulling back.

Very short-term scalp netting good profits. I tend not to sit long in this type of trade, more like hit and run type of tactic. Very often, after such a steep move a retrace can close the gap immediately and wipeout all profits, even make a loss.