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NZDUSD Trading

Discussion in 'Major Currency Pairs' started by Fxtrader88, Nov 30, 2015.

  1. Fxtrader88

    Fxtrader88 New Member

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    The NZD/USD pair fell a bit during the course of the session on Friday, as we start to reach towards the 0.65 handle. This is an area that has been supportive recently, but we feel it’s only a matter of time before he break down. A move below the 0.64 level could send this market down to the 0.62 handle next. Any rally at this point in time should be a selling opportunity, and therefore we have no interest whatsoever in buying this market. The US dollar is the strongest currency in the world right now, and we certainly don’t want to risk owning the New Zealand dollar.
     
  2. Fxtrader88

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    The NZD/USD pair went back and forth during the course of the week, ultimately forming a fairly neutral candle. We sit just below the 0.6750 level, an area that has been massively resistive. On the other hand, we could break above there but quite frankly this is a market that’s probably get to be easier to trade off of shorter-term charts such as the daily timeframe. That being said, you have to keep an eye on the commodity markets and how they are doing in general, because the New Zealand dollar tends to be greatly influenced by that. We don’t have a long-term set up that the moment.
     
  3. Fxtrader88

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    Our preference: short positions below 0.679 with targets @ 0.673 & 0.6685 in extension.Alternative scenario: above 0.679 look for further upside with 0.683 & 0.688 as targets.Comment: the RSI lacks upward momentum.
     
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    Our preference: long positions above 0.6665 with targets @ 0.677 & 0.6805 in extension.Alternative scenario: below 0.6665 look for further downside with 0.6615 & 0.658 as targets.Comment: the RSI is well directed.
     
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    The NZD/USD pair tried to break out during the course of the week, but as you can see pullback to form a shooting star. Ultimately, this is a market that looks like it’s ready to continue consolidating overall between the 0.6750 level and the 0.65 handle. Ultimately, even we break to the upside, the market needs to clear the 0.70 level in order for it to become a longer-term type of bullish position. In the meantime, we are looking for short-term trades only and therefore will look at those charts.
     
  6. Fxtrader88

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    The NZD/USD pair went back and forth during the course of the week, testing the 0.64 level. That area offered enough support to turn the market back around, so it is likely that we will continue to bounce from here and perhaps try to continue to consolidate between the aforementioned 0.64 level on the bottom of, and the 0.69 level on the top.
     
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    The New Zealand dollar of course broke higher. We still see a significant amount of resistance between here and the 0.69 level, so although we feel that this market will probably go higher, the reality is that there will be easier pairs to trade against the US dollar at this point in time. Ultimately though, pullbacks could offer supportive candles below that give us a chance to start going long yet again.
     
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    The NZD/USD pair broke higher during the course of the session on Thursday, but at this point in time we are getting fairly stretched to the upside and therefore we would like to see some type of pullback that show signs of support in order to start buying. This is because the US dollar has been oversold in general, and this market of course is no different. The 0.69 level above will continue to be resistance, so we don’t think that we can break above there, but it does seem to make sense of this point that we may try to get there.
     
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    The NZD/USD pair initially fell during the day on Monday, but found enough support below to turn things back around and form a bit of a hammer. That being the case, the market looks as if it is capable of bouncing from here but we also have a significant amount of resistance above and the 0.67 region.
     
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    The pair broke higher during the course of the session on Tuesday, as we continue to see quite a bit of volatility in this market. Ultimately, this is a market that seems to be essentially bouncing between the 0.65 level on the bottom and the 0.6750 level. Ultimately, this is a market that we are going to stand on the sidelines from, as there is far too much in the way of indecision for us to feel comfortable risking any substantial amount of money in this marketplace. However, we will continue to monitor and look for clarity.
     
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    The NZD/USD pair initially fell during the course of the week but found enough support below to turn things back around and form a nice-looking hammer. Because of this, looks as if the New Zealand dollars going to try to rally from here, just as the Australian dollar has. The hammer of course is one of the more bullish candlesticks you can get, and now if we can break above the 0.69 level we feel that the longer-term traders will get involved and will push the New Zealand dollar to at least the 0.72 level.
     
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    The NZD/USD pair fell during the session on Friday, as the 0.69 level continues offer resistance. However, there’s quite a bit of support just below so it’s only matter time before he of the range supportive candle in order to start going long.
     
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    The NZD/USD pair fell during the course of the day on Monday, and then turn right back around to try to pick up those gains again. However, we are settling on a shooting star, so means we will probably continue to go a little bit lower in order to pick up momentum. After all, the 0.69 level above is massively resistive.
     
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    The NZD/USD pair initially tried to rally on Friday, but turned back around to form a bit of a shooting star. The shooting star of course is a negative sign, and could drive this market down from here. We would more than likely find quite a bit of support at the 0.66 level though, so having said that if we can find some type of supportive candle below, we would be buyers. In the short-term though, breakdown is reason enough to start selling again. Ultimately, we could break over the shooting star, and that of course is a strong buying opportunity.
     
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    A daily close above 0.6800 would suggest the retreat from 0.6874 has ended, bring retest of this level, break there would extend the erratic rise from 0.6347 to 0.6898-0.6909 (previous resistance and 50% Fibonacci retracement of 0.7744-0.6074) and later towards psychological resistance 0.7000, however, price should falter below 0.7100-10 (61.8% Fibonacci retracement of 0.7744-0.6074), bring retreat later.
     
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