I have sold the NZD against the USD, EUR and CAD this morning. I have taken small trades because they are effectively the same trade I just could not decide which is the best of the three. The RBNZ was really dovish in their recent monetary policy
report saying they thought the chance of a rate cut was just as likely as a rate hike, this puts them at the opposite end of the table to the BoC
which firmly re-stated the fact it believes it is in a rate hiking cycle. Trade war issues continue to fly around the market giving a risk-off feel to the start of the week which will help the NZDUSD
continue its trend lower and maybe validate the count that I am showing in this post. The EURNZD
is in a similar trend moving higher with some pace and the good economic news that the eurozone released this morning allowed me to take that trade.
I have risked 1% of equity with each trade (making them half the usual size) and am hoping for a Risk Reward of 4:1 which is higher than normal but they have established trends with fundamentals behind them as well as clear wave technicals.
Friday was a poor day with AUDUSD
hitting stops, it is always annoying when stops are hit just before a pair turns in the predicted direction but that's trading and careful risk management means the damage is very minimal.