GBPNZD shows indecision candles for the last few trading sessions, it might be a signal to have potential bearish movement if breaks the previous low of the last doji. Risk reward 1:2 is a good proportion, will hold the position for the next few days and will try to find better entry point to go short
*Position Update: As of 05/13/2015 @ 23:38 The Global Currency Scalper liquidated its position with a loss of 19 Pips. The trade: Short GBP/USD & Long NZD/USD. A nice correlation trade is setting up between GBP/USD & NZD/USD. The spread in the correlation is currently 500 Pips, over the past year the max spread has been approximately 700 Pips. We will be...
*Position Update: As of 05/13/2015 @ 23:38 The Global Currency Scalper liquidated its position with a gain of 27.9 Pips. The trade: Long AUD/USD & Short AUD/NZD. A nice correlation trade is setting up between AUD/USD & AUD/NZD. The spread in the correlation is currently 300 Pips, over the past year the max spread has been approximately 600 Pips. We will be...
PRICE HAS STRUGGLED TO BREAK THIS KEY RESISTANCE WHICH IS NOT A SURPRISE BECAUSE PRICE HAS ALWAYS STRUGGLED AT THIS LEVEL IN THIS PAIR DATING BACK TO 2008. A TRIPLE TOP FORMATION ON THE 1 HOUR CHART SHOWS BEARS ARE DEFENDING THIS LEVEL. WE HAVE RBNZ STATEMENT COMING OUT IN A COUPLE MINUETS SO I WILL WAIT TO SEE IF THEY ARE DOVISH. THERE'S A GOOD PROBABILITY THE...
IM ALREADY SHORT IN THIS PAIR BUT IF PRICE RETRACES AND TAKES ME OUT OF THE TRADE THEN THE NEXT LEVEL I'D LOOK TO SELL IS AT MY CLUSTER ZONE/SELL ZONE. IVE GOT LOADS OF CONFLUENCES AT THIS LEVEL WHICH ARE THE 0.5 AND 61.8 FIB, SUPPORT TURNED RESISTANCE STRUCTURE LEVEL, MAJOR TRENDLINE, DYNAMIC RESISTANCE (50 MA) AND A NICE PSYCHOLOGICAL ROUND NUMBER (1.03000)....
NZD GAINING MORE STRENGTH IN THESE LAST COUPLE OF WEEKS WHILE CHF IS COMPLETELY THE OPPOSITE. SNB (SWISS NATIONAL BANK) STATED THAT CHF IS OVERVALUED SO IF CHF DOES SOMEHOW GAIN STRENGTH THEN THE SNB WILL INTERVENE AND SELL THEIR OWN CURRENCY. NZDCHF IS IN A NICE UPTREND MAKE HIGHGER HIGHS AND HIGHER LOWS. WE HAD A RETEST OF THAT SMALL RESISTANCE TURNED SUPPORT...
Price hit our target then rallied because RBNZ (Reserve Bank Of New Zealand) kept interest rates the same. Price is now pulling back to previous support turned resistance which is also in confluence with the 0.76 fib level. Good opportunity to sell at this level and target 0.72000.
The Reserve Bank of New Zealand is expected to hold rates. With the Kiwi being resilient of late, Graem Wheeler is likely going to jawbone about it being overvalued, which should give it at least some short-term drag, especially against the USD. In terms of monetary policy, the press conference might reveal whether or not a rate cut is still on the table, and if...
failed to break major physiological level at 0.74000 and structure level. Treating this setup as a break retest continuation pattern
This particular currency pair representing the two neighbouring economies with some similarities yet different dynamics in which one has larger dependence on mining resource and the other on dairy produce has been in very large sideways move in almost unrecognisable swings and patterns. This is so until you zoom out using larger time frame and look back with...