I noticed that NZDUSD could be setting up a tripple bottom @ .6710 level. I think it would be cool 2 see how many different bullish entry reason we could get from different traders @ this level.
Analyze the chart and please share your analysis with entry reasons. Not worried about targets or stopps. Just want to see how many different entry reasons we can get.
Ready set go!
Comments
Ronnee
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Hi, I am/would short to your triple bottom level, then wait for Thursday budget, then buy or sell again if financials are not good /goodfor nz. Check what Usd is doing, cheers ron
rozela99
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What would be your reasoning to get short? Just wondering what your thought process is.
Ronnee
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Hi, forgetting charts for a moment....the nz economy is a bit down at present, farming is no1 export...this has taken a massive hit...housing/rents are unaffordable to most. OUr debt has climbed alarmingly high, unemployment higher. Inflation low, our brightest hope is tourism, but can be fickle!!. So my thoughts were for this week, to sell the dollar, @ 0.6795, down to somewhere like your 3 bottoms. And wait for the Thursday budget.....I feel the Nzdusd has more downside than upside from now on, especially with a stronger US dollar, also China is a strong buyer of our product and they could be smoke and mirrors at present!! Anyway midterm I feel more downside than up....Ron nz
rozela99
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Thanks for sharing your thought process. I find it interesting when a trader looks at the bigger picture. I however just trade the tech. and stay away from the High impact news. Do you trade just fundamentals, Technical analysis, or a combination of both? Doesnt really matter either way.
Ronnee
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Hi, yeah that's the beauty of this, the volatile nature of traders, trading what they see has been happening and then get on board. However, sometimes for different reasons fundermentals change. Where are you from? As I'm a kiwi I hope I know what's happening in the country,that may effect this market. I could go deeper for you on my longer term few, or future trend line but not on this public forum. Mainly, because these are on my views. Just be careful 2moro and then thursday...espically going long....I'm a strong bear at present...haha cheers Ron . And don't forget the USD is strong which is the other side of this trade......