Forex Trade Updates: EUR/NZD and CAD/JPY

Hey, forex fellas! Here’s a quick update on how my latest comdoll trades are going so far. Before that, make sure you take a look at my short EUR/NZD and long CAD/JPY trade ideas.

My long CAD/JPY trade went fine, as I was able to hop in at 96.00 and take profits at 97.50. I decided to lock in a few pips ahead of the FOMC statement though, leaving the rest open until it hit my PT during today’s Asian trading session.

CAD/JPY 1-hour Forex Chart

CAD/JPY 1-hour Forex Chart

With that, I managed to score a 0.63% win on the entire position, as I risked only 0.5% on this short-term trade and closed half at 97.00. Not bad, eh?

What I’m a bit bummed out about now is my short EUR/NZD trade, which might wind up erasing my recent CAD/JPY wins! As you can see from the forex chart below, the pair broke past the falling trend line that I drew and almost hit my stop.

EUR/NZD 4-hour Forex Chart

EUR/NZD 4-hour Forex Chart

For now, the pair is retreating once more, as traders probably realized that they overreacted to the latest RBNZ statement. The central bank decided to keep rates on hold as usual while emphasizing that the Kiwi is still overvalued – nothing new, really!

I’m inclined to think that this pair might fall back to the 1.6000 levels soon, as inflation reports are due from the euro zone’s top economies. Weak readings would remind forex traders that deflation is a very real possibility in the region and that a technical recession is looming, which might be enough to drive the euro lower once more.

Any arguments for an early exit?

Cheers,

Happy time

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  • ForExchange

    Hi HappyPip,

    nice trades! As I am also in them I can say the only differences: my CAD/JPY is still open but put SL higher to protect some profits. On the EUR/NZD I gave a bit more place for the pair and I think we are right with the setup. The daily trend is on our side.

    As you are always looking for setups I share you two trades which are running very well: AUD/CHF long and EUR/AUD short. AUD is stronger at the moment than NZD so the other pairs are easier to win with.

    FE

    • Thanks for the positive feedback! I did want to keep my CADJPY open for much longer but I was watching the paper profits on my account and decided I’m good with that for now, haha. I’m just consoling myself with the carry on EURNZD but it looks like it’s headed back down again, hopefully this move will last much longer. I don’t really watch AUDCHF so often but since you mentioned it, I’ll take a look! See you around.

  • Thanks for sharing this chart! I’ll definitely look into GBPNZD.