Now what we are looking for is to add to the existing position after taking partial profits yesterday ( Both Trades with 100 + pips. Obviously both Australian Dollar
and New Zealand Dollar
have recent history of serial disappointment for the bulls. They rise for day or two just to work up bulls and eventually give up all the gains and more in subsequent sessions to go lower. But this time because of likelihood of Fed on pause, has added optimism and if same sentiment continues regarding Fed then there is still more room for both pairs to rise. Best entry points we are looking for are 0.7140 - 0.7150 for AUD/USD
and 0.6550 for NZD/USD
. Of course we need to monitor the developments closely because still fickleness persists and USD bulls can come roaring back pushing AUD all the way back to 0.7100 and NZD/USD
to 0.6500. That move won't change the bullish
bias still but rather give better entry point for the quick trade.