Forex Trade Updates: NZD/USD and AUD/JPY

How’s it going, forex fellas? I hope you’re all having a good trading week because I’m gonna need your advice with my two open trades. But first, make sure you check out my initial trade ideas!

Short NZD/USD: Rising Wedge Breakdown

NZD/USD 4-hour Forex Chart

NZD/USD 4-hour Forex Chart

After shorting on the break of the rising wedge support, I’ve decided to close my NZD/USD forex position ahead of last Friday’s NFP release since I wasn’t sure how the U.S. jobs report might turn out and how the pair might react. When I saw the actual results and read about China’s surprise interest rate cut over the weekend, I re-entered my short position at the start of the week and set my stop around the .7450 area. That way, I’ll have a few net profits locked up on this short forex trade and the rest will just be icing on the cake!

Short AUD/JPY: Reversal Pattern Forming?

AUD/JPY 1-hour Forex Chart

AUD/JPY 1-hour Forex Chart

Now this one’s not working out too well so far, as the pair has been consolidating below the 95.00 handle. I was able to short around that area last week after Australia printed a weak employment report, thinking that the pair could head much further south from there. For now, I’m still keeping this short position open but I’ll be ready to exit early if reports from China come in stronger than expected later on this week.

Are there any other adjustments you think I should make on my current forex positions? As always, I’d love to get your feedback on my trades!

Cheers,

Happy time

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  • Jake

    Hi Happy-pip. I jumped out of my short AUD/JPY trade with a small profit. I am waiting for a further trend confirmation from the pair before I jump back in again. Best of luck with the trade, not sure what else I can advise.

    • Yikes, I’m thinking of jumping out for now too and waiting for additional confirmation. It seems that the Aussie is being immune to the Chinese rate cut and the recent weak data.