I thought we were all done with these violent ranging swings on NZDUSD - the overall picture remains unchanged and I am once again Short on NZDUSD (Long on AUDNZD, GBPNZD) for the next several weeks. After the Bearish Flag/Triangle continuation post - the market adapted to a descending wedge and broke back to the upside.
Do not expect the market to drop as drastically as it did rise. Instead give it a few days and most of next week to really get the momentum to turn. By the end of the month we should be nearing the .66000 levels again.
Keep in mind June 23rd has the UK Referendum and I fully expect the outcome of that event to support this trade decision on GBPNZD (as well as GBPUSD)
.7089 is my official entry
Anything above.70000 is ideal.
Comments/Feedback are always welcome.
Comments
Rocketman
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Market structure? Phpmph! It looks like your technique is missing something. Plotting the "bones" of a chart are just the surface level of understanding the financial world.
ishstar
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Weekly 100ma is also at .7190ish so that should shut this rally down
harilaos
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It goes up for all wrong reasons, but it does. Should we close our short positions? I would appreciate your answer, Harilaos
Synapse
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Hello Harilaos, it's been the nature of NZDUSD since February as it has been mostly range bound or in a correction phase. This last move up in the last week or so seems to give hints that a monthly continuation is about to go underway. I personally am not looking for reasons to buy NZDUSD. The evidence on GBPNZD, AUDNZD, and NZDUSD all point to NZD depreciation in the very near future.
harilaos
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Hello back to you, sorry I don't know your first name. Any way thank you for your kind answer. I will continue monitoring both AUD, NZD and when the latter goes back to 0.7089 I will short it and we will see further how it goes. Have a nice day, Harilaos
ChatchaiVong
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now can sell yes or not , thank so much
Synapse
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Hello ChatchaiVong, as indicated in the post, I've already positioned myself to sell.