AdrianRaymondFX
Short

Good risk/reward short on the NZDUSD

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
The NZDUSD             is testing a medium-term trend line at $0.773, and it the risk/reward ratio is particulary attractive on the short side of the market with stops just above $0.776 and bearish targets at $0.76, $0.74 and $0.72$. REnewed selling pressure depends more on the US dollar             right now, but the NZD could come under pressure if the RBNZ hints at a rate decrease during its April 30th meeting following the Chinese GDP data earlier this month.


EDIT ON 29 APRIL : Given the sharp USD drop yesterday, I don't think it's a good idea to short the NZDUSD             now even if we are back to the same resistance level as last week. To short the NZD, I prefer the GBPNZD             cross ass the GBP is currently bullish .
Given the sharp USD drop yesterday, I don't think it's a good idea to short the NZDUSD now even if we are back to the same resistance level as last week. To short the NZD, I prefer the GBPNZD cross ass the GBP is currently bullish.
+1 Reply
moneymaking AdrianRaymondFX
I believe FOMC will give us the direction of this pair :)
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AdrianRaymondFX moneymaking
And RBNZ.
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Looks like a bounce then - so far anyway...
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I also see the potential for a bounce back up from the neck of that double bottom you marked there with sup at 0.74226, even though I do think there are more confluent factors for this to continue short to 0.72000ish. This to me is one of those trades that seems so obvious, everyone is going to take it, and then the smart money comes in and gets in cheap. OR, you leave it and kick yourself later on for not taking it. :)
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Yes, we also have a nice bearish engulfing candle 2 days ago on a daily chart. The fact that it's on a resistance zone gives 60%-70% chance of going down. In my experience the engulfing candle is one of the strongest price action signals on daily and 4h charts.
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Agree, Thank you for sharing and Good luck :)
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