FX:NZDUSD   New Zealand Dollar/U.S. Dollar
Is it rolling over or only correcting in order to make a new high next week? It's a tough question. We have seen three drives to the top and the trend line broken and then tested as resistance. This June rally still hasn't retraced by 38.2%, and yet it's in an up trend, and may be on it's way to 1.618 projection of the prior major swing up (market has paused at the 1.472 projection). The NZD has been relatively strong recently (though losing momentum), but the USD - not as weak as a week before. So a decline to the 0.382 retracement seems to be quite a likely scenario.
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There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
hey force, i just need a quick update from u. Is that a head shoulder appeared in the 1hr chart of kiwi. N for what i think it seems that failed to reconquer and reclaim 0.85. Kindly let me know what u think on this pair. thanks in advance
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This trading week has ended quite surprisingly for me - NZDUSD had been the strongest bearish pair for the last three hours of trading. The strongest bear, by my standards! Given this fact, I am no longer bullish about it, even though it seems to be sitting on resistance doing nothing. Rather, I'd expect it to continue downwards - I think it's going to take out the major low and hit the Median Line soon. And then: perhaps flush the slop orders below it and reverse back up? I don't know exactly what will happen, but the trends strength is to high to consider it in bullish terms.
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Hey force, any ideas for kiwi later on NFP?
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Still down. During the recent correction NZD has been as strong as it could be. It's just completing the ascending detrended cycle, so it's likely to begin the weakening phase. The USD has been the strongest currency for the last 60 hours; its weakening phase looks like it's over and a strengthening stage seems to have just begun. So I expect to see new lows, down to 0.844.
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Sam0101 ForceFollower
Yeah tats what I thought too. But I think 0.844 maybe not strong enough to hold. Maybe down to round figure 0.84
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Who knows? You may be right. But bear in mind it's a major low to the left (at 0.840), price is coming down from a major higher high. There are gonna be big whales waiting to go long above this low. Even if 0.844 gets violated, 0.84 should stay untested. And whatever happens another major rally is very likely to follow.
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Sam0101 ForceFollower
hi force, unfortunately haha. But still i think its still not a positive for kiwi as this is just a correction to 0.855. From 0.855, i think kiwi still bearish down to 0.844 then so a real bullish scene will be fulfill
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Looks like it's been caught in a range. Until it catches up with the bear trend line.
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Sam0101 ForceFollower
Hey force, any moves for this little kiwi? It has such an odd move for the US PMI news. What about the later Kiwi employment data? thanks
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I can't tell what impact the employment data will actually have on this pair. It has been very weak recently. However, it is pretty much at a very important support level, so after some horizontal price action, I expect a move up.
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