NZDUSD, this is a good looking pair at the moment. We are currently consolidating on a strong daily level where we would expect price to normally reach here and then reject. We have witnessed a small rejection but we think that we should see more movement down before we look for our long (buy) positions.
If you take a look at how the daily level matches up with the stochastic it would appear that the pair is ready to come down. As it is Friday here in the UK and the market is coming to a close for the week, we will stay away from this for now but we will look at taking a sell come market open on Sunday! With a suitable risk management in place we will have a sensible stop loss but a nice looking take profit area back down onto the trend line. When we reach the trend line, this is where we will look to place our buy positions. Stay tuned for this one!
If you take a look at how the daily level matches up with the stochastic it would appear that the pair is ready to come down. As it is Friday here in the UK and the market is coming to a close for the week, we will stay away from this for now but we will look at taking a sell come market open on Sunday! With a suitable risk management in place we will have a sensible stop loss but a nice looking take profit area back down onto the trend line. When we reach the trend line, this is where we will look to place our buy positions. Stay tuned for this one!