Hi!
This pair has been falling for days and broke bollinger bands several times. How low do you think its going to go before pulling back up again?
Hello Jack 1972!
Yes, it may go lower but at 9.45pm GMT tomorrow the 4Q New Zealand unemployment data may move this pair dramatically; keep an eye out for it.
I actually made a trading video on this pair, if you are interested in trading it long-term:YouTube .
Here is my trade for this pair today (still open):
Regards
Hola
judging from the fib lines it is going to test 80.474 the next days.
From there either it will keep sliding further with next target 76.194 or it will bounce with first target 83.120.
In about 24hrs, the Employment Growth is announced that will affect price action a great deal + i don’t remember whentf is NZ central bank’s rate decision as a rise is expected that will support or even reverse the trend.
Thanks a lot Pipmehappy. I’m going to watch the video. There must be something wrong with the attachment cause it says invalid attachment.
And also thanks etfak for the levels.
The RBNZ next meeting will be in March and after this last meeting and the statements issued after the announcement I got the impression that they will most likely hike rates then.
I got long this morning at a level which I’m not feeling comfortable anymore, I bought at 82.78 and I also believe it will bounce tomorrow after the unemployment data but the question is will it bounce up high enough for me to break even…? Its only a small lot but I’m actually thinking of cutting it at current levels cause tomorrow it may look a lot worse!
I think I’m going to wait and see where it stands and then I may think of entering a long position and do a carry for some months.
Thanks again to you both;)