markyoung

NZDUSD cyclical moves

Long
FX:NZDUSD   New Zealand Dollar / U.S. Dollar
NZDUSD has been cycling up and down from the 50% retrace of a June upswing, and is now in heading up again after finding support at 50%. Past price action shows a good probability of reaching the 0% line around 0.73

This current set of fibs was drawn July 7th using Weekly data and has highlighted a few tradeable entries over the past four months or so. This pattern remains valid until either -23.6% or 61.8% line is broken.

The ZXY and DXY currency indexes are currently moving in opposite directions after reversing from recent support & resistance . I think this opposite movement - negative correlation - increases the chances of a profitable change, and at the very least gives a headsup if one of the currencies in the pair may work against the trade.


A great entry would have been the point highlighted by arrows - all three charts lined up increasing likelihood of a profitable trade on the NZDUSD .

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