About Pick of the Day

Each day, I will try to find what I believe is the best looking short term trade setup for the upcoming trading day or week. If you're a forex newbie, it can be tricky in the beginning trying to figure out how to look at charts and draw lines. My goal is help you understand the psychology of price movements so you can learn to analyze your own charts and trade on your very own. I will post my ideas and/or reviews through out each session right here, on Twitter and on Facebook.

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Pick of the Day: NZD/USD

Posted 21:12 05 June 2006 | Comments

We have a pretty good looking chart on NZD/USD tonight. As you can see on the left of the chart, there was a pretty strong move in favor of the US dollar against the New Zealand dollar. I drew a Fibonacci retracement and it looks like the pair retraced back to the 61% fib line and the 200 simple moving average before heading down south again. I am looking for this pair to head further down south later tonight, especially after Bernanke's hawkish comments, which were made after the euro session close. Here's a short idea:

Short NZD/USD at 0.6290, stop at 0.6339, pt1 at 0.6275, pt2 at 0.6250

Good luck and good trading!

P.S. - Don't forget to check out Big Pippin's and Pipcrawler's new signal blogs!