About Pick of the Day

Pick of the Day Author

At the end of each trading day, I will find what I believe is the best looking short term trade setup for the upcoming trading day. 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. Trades will be posted by 1 am ET, Monday through Thursday evening.

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Pick of the Day: NZD/USD

Posted 23:43 26 June 2006 | 0

For those of you who have been watching NZD/USD, you've seen a considerable drop in this pair, and now that it's broken the previous daily low of 0.6141 we should see a further decline.

Today's new home sales report was a surprise of 1.23 million new homes, in which the market was expecting a decline. If tomorrow's report is strong, it will validate the upcoming interest rate hikes expected by the market, and we should see a further drop in this pair. If we see a solid break of the 0.6000 level, it may be bad news for the New Zealand dollar. Here's a trade idea if this scenario unfolds:

Short NZD/USD 0.6010, stop at 0.6040, pt1 at 0.5980, pt2 0.5950

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