Is this an opportunity on NZDUSD?

Hi Guys

Looking at the 4Hrs NZDUSD chart I can see the pair has been moving sideways since early March. Essentially it has been trading between roughly 0.8060 and 0.8290.

Looking at the chart today, the price action is around 0.8060. With a very low RSI14 and Stochastics so I’m very tempted to buy for 7-10d swing trade.

Over the last 7 days, the average pip movement has been 77pip. So I’m thinking of waiting another 24 hours to confirm and then do the following:

Entry: 0.8060-70
SL: 0.7900 (roughly twice the average pip movement of the last 7 days)
TP: 0.8260

What are your thoughts?


Being a NZ’er - i am subject to all the news that comes in…

banks are “saying” that it could keep dropping lower; which is why i have been weary with a buy order

Yeah and it broke through key support @0.8060 so I didn’t get the confirmation I was looking for. Hence I didn’t jump in.

Now @0.7936, way too close to 0.7900.

Looks like this is an actual breakout and the sideways movement is stopping to resume an actual downtrend…

I am feeling like the NZD is going to keep going down because it did break a serious level of support. I have a lot of NZD orders open and I am ready to be long or short, I’ve read a bunch of reports and they are saying different things so I am still skeptical. As long as we know it is going to do something money can be made.