Yep, the technicals are definitely pointing out that a correction is overdue. Did you jump in short? Looks like it’s on its way to the .8100 level like you said!
Hi again, Yep i did have a small short trade. Went for 40 pips so not a lot but it all helps! I was going to wait for 8100 but i noticed a bit of support just above it at 8120ish where there is also the 23.6 fib line. Workedout ok this time. I think the next level to watch for could be around 8069 where hopefuly could play the bounce back up (if it goes that far of course!).
NZDUSD is a gentler currency pair to trade. It tends to obey long term support and resistance zones really well. NZD is a high interest yielding currency with interest rate at 2.50%. So when a trade is opened to long or buy NZD, you earn daily interest. The interest earned really builds up if you can hold the trade for weeks and months. This strategy is called the “carry trade” and is used by many professional traders.
NZDUSD is at a crossroad junction now. On one hand, it is resisted by the down trend line on the daily chart. On the other hand, it is also forming an up trend line on the 4hr chart. Here are my conditions which i want to see before i go long on this pair.
- NZDUSD breaks above and stays above the down trendline on the daily chart.
- NZDUSD retraces and holds at support zone of 0.8000-60.
- NZDUSD forms a third point on the up trendline on the 4hr chart.
Congratulations on your win!
That’s a nice round number too, which makes it a potentially strong support level. Let’s see how it plays out this week!
Don’t you just love it when NZD/USD pops up a possible head and shoulders pattern? The pair just tested the .8075 area, which is not only a former resistance area, but is also the neckline for our h&s pattern. Will the pair break below the support, or will it test the previous highs near the .8200 handle?
Maybe the US Retail Sales in about an hour will point its direction. Will wait and see.
I’ve got 1% of my account saying it’s going to re-test the 0.8200 handle. Disappointing news from the US would definitely help.
NZD/USD broke the neckline during today’s NY session, so I would be (cautiously :56: ) favoring shorts, selling rallies, until the price proves other wise. AUD/USD also seems to have a similar H&S set-up on the 240-minute chart and is also on my cautiously short list. :44:
I have been short the Aussie since sunday night. So I hope your right. This has been one seriously overextended move north on both these pairs lately. A good retrace is very likely to say the least
Ha! You were right about that! That was a solid breakdown right there. Were you able to jump in or are you gonna wait for a retracement?
Yep yep! I’m definitely waiting for a retracement myself so I can get in a short at a good price. Your Aussie trade’s lookin’ great, mate!
I was watching it, but i wanted to wait until close of candle to be sure. By then the move seemed too far gone to jump in at market. So yes i am waiting for a retest of the broken support (now hopefully resistance) to go short.
On the daily chart, i’m a bit concerned that stochastic being oversold combined with resistance areas, will push the pair long.
The pictures dont seem to upload with the same quality 
Yeah, I’m thinking the next support is still at the .8000 area, based on the daily at least. But I could be wrong…
I think the support was at the .8050 area, however i’m hoping that the trade will still play out positive or at least break even since it went as far as .8122 overnight.
Now here’s a potential retracement play with the Kiwi. On the longer-term time frame, the pair appears to be retracing to the nearby support level around .8050. Note that this level acted as resistance in the past and is in line with the 38.2% Fib level. Let’s see if Kiwi bulls have what it takes to push this pair back up!
Here’s an update on the daily chart that I was watching last week. NZD/USD is still lingering around that potential support zone near the .8000 major psychological handle. Coincidentally, that’s also around the 50% to 38.2% Fibs, which acted as resistance levels in the past. Would the Kiwi make a more convincing bounce this time?
I`ve been watching that pair for more than a month now - considering all the news that were released in that time I think the next target will be at least 0,618 support.
Here’s one for the Kiwi bulls out there! NZD/USD is not only testing a rising trend line on the daily chart, but is also sporting a bullish divergence just as Stochastic is turning in the oversold region. A tight stop would provide a good R:R, but you can always wait for more signals if you want to jump in!
