Menu
Brokers
MT4 Forex Brokers
MT5 Forex brokers
PayPal Brokers
Skrill Brokers
Oil Trading Brokers
Gold Trading Brokers
Web Browser Platform
Brokers with CFD Trading
ECN Brokers
Bitcoin FX Brokers
PAMM Forex Brokers
With Cent Accounts
With High Leverage
Cryptocurrency Brokers
Forums
All threads
New threads
New posts
Trending
Search forums
What's new
New threads
New posts
Latest activity
Log in
Register
Search
Search titles only
By:
Search titles only
By:
Menu
Install the app
Install
Reply to thread
Forums
Forex Discussions
Technical Analysis
Daily Technical Outlook
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Message
[QUOTE="katetrades, post: 40561, member: 21862"] [b]Trade Setup for the Day: Short NZD/USD[/b] The New Zealand dollar was able to bounce back against the Greenback during yesterday’s trading, thanks to the G7 statement saying that central bank should make their monetary policy decisions based on economic performance and not currency devaluation. There were no economic factors that supported this bounce so NZD/USD might resume its selloff pretty soon, especially since it’s heading close to the .8450 minor psychological level. The 4-hour time frame reveals that this level has held strongly in the past and could continue to do so if it gets tested this week. Take note that the US will be printing its January retail sales figure during today’s New York session and both core and headline figures are expected to show a 0.1% increase. A weaker than expected reading could trigger a dollar selloff and push NZD/USD back to .8450. If the resistance at .8450 holds, a possible target could be around the recent lows near .8300 and the rising trend line. A stop 25 pips above the .8500 major psychological resistance would yield a 2-to-1 reward-to-risk ratio in this case. [IMG]http://static.cdn-seekingalpha.com/uploads/2013/2/13/8064851-13607415871506248-katetrades.png[/IMG] New Zealand will be printing its quarterly retail sales figure for Q4 2012 on Friday’s early Asian session and, judging from the same period’s weaker than expected jobs figures, we might see a negative reading or a downside surprise. If that happens, the rising trend line could be broken and NZD/USD could fall until the next support around .8150. [I]By Kate Curtis from Trader's Way[/I] [/QUOTE]
Insert quotes…
Verification
Post reply
Top
Bottom
This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
By continuing to use this site, you are consenting to our use of cookies.
Accept
Learn more…