kiwiwalnut
Short

Lead Up to RBNZ Decision

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
46 3 2
I am bearish with the Kiwi in the immediate short term. US data looks ok, not solidly good, but not bad either - outlook in US inflation and GDP skewed by oil             and cautiousness from overloading on cheap credit.

In the opinion that rate will hold at 2.5% with a bearish outlook in the short term. Unless there is a remarkable negative swing in outlook with fundamentals, inflation in particular; interest rates will be holding steady due to housing prices in NZ             ( current hot political issue ) despite noncompetitive NZD in regards to trade.

Looking to enter at the minor resistance of around 0.67712 with first target at around the .382 retracement with very hopeful 2nd target above a more major support around 0.66030.

If trade triggers, will be watching very closely on price action and RSI ( does not pass 60 ). If it does not break the minor resistance at .67200 level close to RBNZ announcement ( red vertical line ), I will be closing the trade as any thing that sounds remotely like good news = bullish volatility. Because of this, I wouldn't pay any particularly attention to risk:reward ratios with this set up.

Comments welcome - share and share alike!

Related Ideas

kiwiwalnut
9 months ago
Let's see if this trade lasts the night
Reply
kiwiwalnut
9 months ago
Closed trade. Wait and see for better entry. Lacking patience and hopeful that Monday levels would hold prices down
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kiwiwalnut
9 months ago
Should of stuck with setup....... Reinforce sticking to your trading rules!!! Should of stayed in but no matter.Looks like double top has formed and price action on the 1 hr is hitting 90 MA as resistance. Close beyond this level should reach around .6700 levels before RBNZ rate decision.

Good luck
Reply
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