Looking to go long NZDUSD on a retracement to my buy zone. The trade will be split in three orders. Stops will be directly under the low for one of them, below the red line on the chart, and slightly below the last bar open (factoring in the spread). This is a higher risk trade, but potential rewards make up for the exposure. I will risk 1% on the setup, and scale in with smaller 0.5% risk batches if I get more opportunities.
Since the time at mode downtrend target hasn't been reached, nor the time expired, it might be a long shot, but I feel it's a good opportunity to jump the gun, based on the weekly chart divergent low, and the FOMC induced 4h bar, as well as the levels where price stopped falling at. If we move above the monthly mode with confidence, this might be the start of a strong uptrend.
Yes, it's still weak.
I think the dollar will rally sharply asap, vs most pairs, in the intermediate term.
Gold should be a short term short, same as aud and nzd.
XaviC
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IvanLabrie
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No clue about that chart, but DXY is forming an impulse up, might correct a bit, specially in gold correlated pairs, since gold didn't fall as hard as crude did.
Hence, we can short eur/gbp vs aud and nzd this week.
Maybe playing those instead of nzdusd will be safer.
Check out my gbpaud chart, I'm long and will close soon and reverse at the top.
GBPNZD is forming a nice short setup as well.
Still longer term bullish.
IvanLabrie
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We got there. Looks like it might be a corrective rally though, not sure it's the actual bottom.