This week there are relatively less risk events in the currency market - the only one worth highlighting is RBNZ Rate Statement happening on Thursday morning here in Singapore.
Here are a few reasons why I'm expecting the Kiwi to weaken in the near term -
1) We are currently in a 6th swing, thus we are expecting one more move lower since this is not a complete swing cycle;
2) Price has met the minimum fibonacci requirement for an expanding flat structure;
3) Price is currently at the top of the bearish channel; and
4) On the lower timeframe, price is also showing signs of exhaustion.
With these simple technical analysis, I have a stronger bias in looking for shorting opportunities on NZDUSD rather than longing it.
However, do take note that this are only my personal views and I may jolly well be wrong too :P
So trade according to your plan and manage your risk ALWAYS!
**Quiz - what other information or 'edge' can we get to enhance our analysis on the NZD?
Here are a few reasons why I'm expecting the Kiwi to weaken in the near term -
1) We are currently in a 6th swing, thus we are expecting one more move lower since this is not a complete swing cycle;
2) Price has met the minimum fibonacci requirement for an expanding flat structure;
3) Price is currently at the top of the bearish channel; and
4) On the lower timeframe, price is also showing signs of exhaustion.
With these simple technical analysis, I have a stronger bias in looking for shorting opportunities on NZDUSD rather than longing it.
However, do take note that this are only my personal views and I may jolly well be wrong too :P
So trade according to your plan and manage your risk ALWAYS!
**Quiz - what other information or 'edge' can we get to enhance our analysis on the NZD?
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