ForceFollower
Short

NZDUSD In The Down Trend

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
The NZD is not as weak as it was a week ago, but it's lacking strength, esp             . against the AUD, CAD and USD. It has been strengthing in the recent hours and may continue to do so for some time, but not for too long, because it's starting to get overbought. The pair NZDUSD             couldn't make it to new highs, stopped twice at the gey horizontal S/R level of roughly 0.8525. So I expect at least another return to the median line (or even lower).
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Yep.. waiting for that retracement to 0.93 region. I think it might happen this week during the RBNZ statement.
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ForceFollower justatrader
2 years ago
Thanks for comment, but are you talking about NZDUSD or some other pair?
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Lol!!! Correction.. 0.83 NZDUSD
NZDUSD - Possible retracement to 0.83173
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ForceFollower justatrader
2 years ago
Yes, it's a kind of a balance level. First the range beneath it doubled to the up side, then the range above it is expected to double to the down side. And it doesn't seem to be done yet.
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justatrader PRO justatrader
2 years ago
What a bummer. Reversal from 0.84... But we'll have to see how today shapes up. 0.8613 could very well act as resistance. US data due out later today. Fingers crossed!!!
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delete
2 years ago
seems like going for new highs?
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ForceFollower delete
2 years ago
Yes, but if the red sliding parallel fails to hold I expect an even stronger resistance at the horizontal blue dashed line (0.859).
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ForceFollower
2 years ago
The NZD has been stronger than I'd expected it to be. Let's see if it finds resistance at that sliding parallel, drawn off the prior high.
snapshot

snapshot
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delete ForceFollower
2 years ago
Well.. I am going short 0.85600 with SL 86.050 then.. thank you
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TradersClassroom delete
2 years ago
I wonder how much more run up we will get into the interest rate decision. I'm not sure if this movement upward is buying into the rumor of the interest rate hike, kind of building price in. I will be looking to short the closer we get and if certain levels are hit
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ForceFollower TradersClassroom
2 years ago
Sure, guys. It's still unclear, although seems to be bullish all the time. I agree, it's probably some kind of build-up prior to the rate hike.
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ForceFollower
2 years ago
A contrary opinion: https://www.tradingfloor.com/posts/tee-up-kiwi-for-rbnz-statement-punt-805818
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TradersClassroom
2 years ago
Are you still bearish? Looks like it has pierced the upper boundary.
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ForceFollower TradersClassroom
2 years ago
The powers have shifted. The NZD is now the strongest currency of all the majors. I can't be bearish about this pair. I have lost - all the major resistance levels failed. It is overbought though and I expect a retest of the upper median line parallel from above. But before that, a retest of the 0.87 level is also very like to occur.
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ForceFollower ForceFollower
2 years ago
*likely
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TradersClassroom ForceFollower
2 years ago
I agree with you. I was completely wrong on this pair as well. However, I'm not sure the RBNZ wants their currency to increase in value. However, the fact that they hinted at another rate increase in July leads me to believe this pair could remain bullish for a bit.
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ForceFollower TradersClassroom
2 years ago
I've aborted my position in this pair. I've got a hangover, as my money went to stronger hands.
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