NZDUSD - Thursday Bearsday

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
706 11 18
Greetings Fellow Traders,

NZDUSD             provided a good buying opportunity yesterday - however since then we've managed to create some structure on to a level that was used for a recent selling opportunity. The weekly bearish trend line .

I will be looking for strong bearish pressure with NZDUSD             between .6690 and .6710...Any time spent above .67000 should be kept to a decent minimum.

Confirmation entries can be made with a 15 minute candle close below the bullish strength lines indicated.

Targets for this trade will be left towards just below .66000 at which point we will look to determine whether or not the market is ready for a move to .6420 key technical level.

Feel free to transpose this analysis over to AUDUSD             as well, and their respective crosses ( GBPNZD             , EURNZD             ) you may find many similarities.

Feel free to comment/like/follow.
would this be another chance to short since it retrace and shoot through the weekly resistance level?
where should the profit and loss level be set based on your chart?
+1 Reply
Synapse dchua1969
Hi dchua1969, This analysis was posted at the beginning of trading on Thursday. I posted a follow up on the NZDUSD trade for Friday. It can be found here, but a simple answer is yes.
+1 Reply
Hello Synapse, Thanks for your take and chart on this one, agree, if we see continued USD indices sell-off then hopefully this should move quick to the downside. Started my scaling in at at 6728. My targets 6013/5777 fib.
On another note, the GBPJPY trade did well, i decided to close it off at 16400, as the market may make a retracement at this level, whats your take on that if you don't mind.
Good trading.
+1 Reply
should have stated bounce rather than retracement
+1 Reply
Synapse dewpoint
Hi Dewpoint, those sound like great entries. As for GBPJPY we are in the middle of a strong bearish move, which is expected. Ultimately I am looking for the 155 area but a common misconception with many people that view my analysis is that they think we are moving straight there without stopping. The lower time frames (15 minute) are still supporting (actually minutes prior to posting this reply) it confirmed intentions for moving lower. We did just post a lower low than earlier this week, so it makes sense that it intends to defend what was broken. I can post another follow up later tonight with a chart analysis - we're on the verge however of confirming a fresh low.
Managed to catch the wave, well, I'm hoping it was just that! Just watching and waiting on a push through the 0.6660 line before adding. Agree re entry point, either straight down, which seldom occurs, or entering based on fib retrace, patience is the key. If you could post later tonight that would be appreciated. regards,
+1 Reply
I'll be looking forward to this one as well!
+1 Reply
Wesual Wesual
Took it from the top of the uptrend :) Lets roll it!
+1 Reply
Synapse Wesual
Excellent Wesual! :) Thanks for the feedback
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