Reason for trade : EUR/USD getting a boost by the fed's dovish tone at the meeting, even though the rate was hiked by 0.25% already 80% priced in prior to the meeting by the market. No surprise apart from the language used as stated in our previous post.
So EUR is a good buy in our opinion based on the ECB statement with key words being withdrawn seen as hawkish, and well despite the AUD getting some profit taking and a retest based on the AUD/USD (profit taking) , the figures dont lie , commodity prices proping up the Aussie dollar short term, because the USD weakness , but ultimately we are the AUD because unemployment rate rose to its highest level in 13 months, and NZD GDP significantly missed estimates also putting downward pressure on the Aussie .
Long @ safer confluence levels between 1.39-1.3930
PT level @ 1.4080
Stop @ 1.3850
We rate this trade out of ten (7.5)
Happy trading and stay tuned, as we will show you how to trade events soon .....
We have made alot of money over the last 24hrs based on the various market surprises if your interested leave a comment below :)
We will however be letting this run to our desired target ,
Stop loss set and moved to 1.3980
Happy trading guys !!!!!!
looking to re enter at some point aswell , we could see a better entry level on this given the AUD/USD turn around based on the USD sentiment at the moment.
Better confluence zone levels to enter would be 1.3850- 1.3890
What you need to also see is where have the buyers come in ? ( comments below please as we are interested ) and bear in mind this chart was drawn nearly 2 weeks ago ...
Our first TP Level is 1.4040 just below the last high of where the buyers lost control .
Next TP level will be on the .23 fib line, " longer term" @ 1.4085
We have moved our stop to 1.3920 and will be moving it higher as the trade plays out, so we don't get caught out
We rate this trade out of ten ( 8 )
This is very important : We have the stop in place as we have the RBNZ meeting tomorrow , and the GDT prices out today, should these events create a lacklustre tone for the NZ dollar, sometimes the Aussie can have a sympathy reaction .......
Stay tuned !!!!!!! other picks for the week are GBP/NZD and GBP/CAD.
Stay tuned and we will tell you our new levels ......