JohnCameron93
Short

$NZDUSD Daily Head & Shoulders

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
70 views
1
70 0
Daily head and shoulders currently trading around the height of the left shoulder.

Short 0.7298 Stop (Over Head) 0.7490 Target 0.6600

TECHNICAL:
- Head and Shoulders
- Rising Neckline
- Trading at height of left shoulder
- RSI (14) signalling diverging highs between left shoulder and right shoulder
- 61.8% Fib Retracement from Oct 13th Low
- 20MA under 50MA

FUNDAMENTAL:
- 8:00 AM GMT Nov 9th RBNZ Interest Rate Decision Consensus Rate Cut (Negative for NZD) (Adding to USD strength)
- Anticipated USD Rate Hike Dec 14th (Positive for USD) (Negative for NZDUSD )

I am anticipating a long term sell-off in $NZDUSD based on the above information.

Near term target 0.7100 (Neckline) However it is quite possible RBNZ decide not to cut rates in which case this idea will be closed.
Trade active: RBNZ cut interest rate 25bps to 1.75% trade is still valid.

https://www.fxstreet.com/news/rbnz-cuts-...
Trade active: Closed Half of position at 0.71211
Trade closed manually: Out Flat 0.7102

Waiting for a pullback
EN English (UK)
EN English
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out