Short NZD/USD

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Hello my friends :) I know it’s the weekend and that last thing you want to think about is currencies, but here’s a trade idea to think about. We saw tons of volatility in the last few days with the over abundance of volatile fundamental events. All of the movement has put a few of the pairs into favorable entry levels, including NZD/USD.

This pair has been in a downtrend as market players lack confidence that there will not be any further rate hikes from the RBNZ in the near term. Also, commodity prices have taken a slide as demand has waned a bit from China and other large consumers of raw materials.

Technically, the pair has retraced to the 61.8% Fibonacci retracement line – usually an area of strong resistance and a high probability short setup. With stochastics still rising, I would like to jump in at a slightly better price and target the previous low.

Short half position NZD/USD at .7340, stop at .7380, pt at .7250

Short half position NZD/USD at .7360, sto at .7380, pt at .7300

Please remember to never risk more than 1% of you account on any trade, so adjust your position sizes accordingly!

Good luck my friends and have a great weekend!

  • mike1349

    Hi Combdolls,
    Do you have any idea about US/CAD?

    Thanks
    Mike

  • mike1349

    Hi Combdolls,
    Do you have any idea about US/CAD?

    Thanks
    Mike

  • ditto

    I am very new to this. Coulod you explain this. “Short half position NZD/USD at .7340, stop at .7380, pt at .7250″ Sell half position? Is a stop safety net, like stocks? What is point at. Thanks, Joel

  • ditto

    I am very new to this. Coulod you explain this. “Short half position NZD/USD at .7340, stop at .7380, pt at .7250″ Sell half position? Is a stop safety net, like stocks? What is point at. Thanks, Joel

  • jamesbond007700

    ditto pt = profit taking at the specified level it doesnt mean point. stop is what u said. half position means opening 2 positions and pt at 2 different prices so it increase ur profits if the prices still go in the direction of ur trade.

  • jamesbond007700

    ditto pt = profit taking at the specified level it doesnt mean point. stop is what u said. half position means opening 2 positions and pt at 2 different prices so it increase ur profits if the prices still go in the direction of ur trade.