New trade taken at market open. Pair closed at 1.05 this morning clearing resistance denied by the Kumo cloud. MACD
signal line moved above zero a couple of days ago and RSI
is in a strong uptrend. RSI
is rather close to overbought and on standard measures is overbought however I use 74 not 70 as the figure, research suggests this is a better figure. Point and figure charts are very interesting, 50 and 100 pip one box reversals showing good catapult buy signals, 3 point reversals likely very close but not their yet.
Fundamentals look good, Aussie easing likely at an end and New Zealand possibly just begining.
All my trades are longer term with a 4-12 month time horizon, value investing forex takes the stress out of the game.