NZD/USD daily chart trade

monkeymonkeyman · January 9, 2019, 9:22pm

Hey all,

anyone thinking to trade this potential rebound on the daily chart;

I actually went short on the 4 hourly but got stopped out - looks like the daily is leading towards a continuation of the uptrend. I think if I was to take the trade I would be aiming for the 7000 level target 1 and so would put my stop just below 7700 with a target entry at a strong bullish candle above 7800 - just below 7700 on 4 hourly chart offers minor resistance support below previous low;

Let me know what you think of this - anyone already taken the trade?

midwest · January 9, 2019, 10:40pm

I have traded the all USD crosses after the news settled today from about noon CST. As the DXY was heading straight down the USD cross were very easy to trade.

monkeymonkeyman · January 9, 2019, 10:56pm

@midwest do you think the USD is in for more bearish momentum because I am looking to short USD/JPY?

4 hourly looks like a good set-up;

However, daily is showing MACD at lowest leve reached previously as well as worn out negative momentum - RSI is also in oversold territory;

midwest · January 10, 2019, 12:00am

I do think “opinion” the USD is in for a lot more downside over time.
Now the USDJPY will usually follow it down but not always you will need to watch for pullbacks and divergences along the slide.

However, my D1 chart shows a channel with CCI basically stalled and the W1 chart slowing with a small gravestone candle and the CCI lost momentum and starting back north.

Given these attributes like all weathermen, I have no clue and will trade day by day as I see the price action unfold.