This trade may require some patience and therefore the title. Starting with the weekly chart, the trend is seen as bearish. Price is well below the 200 SMA. Last week candle has formed a shooting star look alike, so further downside should be likely. Not to forget RBNZ saying last week that price was too high.

Central Banks don't always get what they want, not so easily anyway. The daily chart shows us the channel where the price has been moving and the possibility that we could head higher. Also note the bounce from precisely the 0.7500 and this level becomes my area of focus.

Another view at H6 level, shows the possibility of bullish action next week. Will it rise to 0.7600 area and turn around? Possible for sure but who knows?

Keeping the overall bias as bearish, I am only looking for sell opportunities. Yes, I will pay for swap, but that cannot be helped. 

So if price moves up, I will be watching for a reversal signal on H4 or H6 time frame, keeping 0.7500 area as 1st target. If bearish action takes place then price has to break below 0.7500 and trade for sometime before I take an entry with 1st target in the 0.73500 area.

Views: 166

Comment by KMK on May 3, 2015 at 9:39am
What about audusd?
Comment by Oasis on May 6, 2015 at 1:21am

With some help from NZD employment data, this trade is on its way.

Comment by Oasis on May 7, 2015 at 1:54pm

Half of my position closed with 48 pips. Now will wait and see if there is more to be had or will it go back up for break even.


You need to be a member of Forex Social Network to add comments!


© 2020   Created by FXStreet.   Powered by

Badges  |  Report an Issue  |  Terms of Service