Happy Corner: Kiwi (NZD) pairs

[SimonTemplar]

I've been keeping my eye on that right shoulder for the last couple of weeks, too! Just waiting for some downward momentum before jumping in and possibly adding if the neckline breaks.

Nice to see you back here, SimonTemplar!

Agreed, good to know that we are looking at the same thing. Thought we might lose it yesterday, but it didn't end the day too badly. Will see what we get next week.

Apologies for the absence - I have subscriptions to too many threads, really, so when you stopped posting on this thread and it basically died out I removed the subscription.

During your absence, I had visions of you living the currency trading dream, taking time out - or perhaps trading from a laptop - while cruising the world on your yacht (named, perhaps, The Happy Pip?), luxuriating in the proceeds of your trading.

Glad to have you back around, I trust the tan is amazing.

ST

[happypip]

It looks like Kiwi bears needed to pull up for some air after that sharp dive last week! NZD/USD might retrace to the 38.2% Fib, which is in line with a former support level just below the .7950 handle. Stochastic already reached the overbought area but haven't crossed yet, so there might be room for this pair to climb.



Do you think any of the Fibs will hold? Or will the pair just keep rallying?

[happypip]

During your absence, I had visions of you living the currency trading dream, taking time out - or perhaps trading from a laptop - while cruising the world on your yacht (named, perhaps, The Happy Pip?), luxuriating in the proceeds of your trading.


ST

Unfortunately not. But that's the dream! Hahaha

[Forex Chart]

The Kiwi/Dollar has broken support at the key level near 0.7857 as we can see this market has range-bound 0.8055-0.7857 from 21June. And at about 0.7857 level was act very well as support. From 20July price start its downside journey from key-resistance at about 0.8055. We also see that, On daily chart today 8EMA cross-down 21EMA.
we could see a rotation to the downside in the near-term. We would note that the next support is seen near 0.7647

[happypip]

Yep! That looks like a head and shoulders pattern breakdown, too!

[happypip]

Like the Aussie, there’s no hard resistance level near NZD/USD’s current price. Heck, the pair is even sporting a possible bullish pennant in the 4-hour chart! Will the pair break above the pennant, or test its former support levels near the .8050 area?

[MoMo87]

Could it also be an ascending triangle with the 1.0530 range serving as resistance?

[peterbaik]

On the daily chart I see a few consecutive days of reversal candlesticks, dojis?, at around your 0.8050 support levels. There was a large spike today, news related? I'm thinking it'll come back down to the 0.7850 level as that's the bottom of a range on the daily.

[happypip]

On the daily chart I see a few consecutive days of reversal candlesticks, dojis?, at around your 0.8050 support levels. There was a large spike today, news related? I'm thinking it'll come back down to the 0.7850 level as that's the bottom of a range on the daily.

Yeah, I'm seeing those indecision candles around that area (.8050-.8100) on the daily too. Plus, there's a nice little bearish divergence supporting a short trade. Now all it needs is a bit of a push...

Do you think the NFP release will do the trick?

And, more importantly, did you short?

[happypip]

Could it also be an ascending triangle with the 1.0530 range serving as resistance?

Hey there! Are you referring to AUD/USD? If so, then yes, I'm seeing that tiny triangle too! And it looks like you were right about that resistance in that area. Were you able to trade it?