Partner Center Find a Broker

Nope, no new trades for me this week! Thanks to recent economic developments, I’ve decided against setting entry orders on GBP/AUD and NZD/USD. Check out my original trade ideas:

Forex Trade Idea: Long GBP/AUD
Forex Trade Idea: NZD/USD Area of Interest

GBP/AUD

GBP/AUD 4-hour Forex Chart
GBP/AUD 4-hour Forex Chart

I thought of buying this pair around the mid-channel area of interest, which lines up with the 1.8250 minor psychological support. However, the BOE minutes turned out to be less hawkish than expected, as policymakers didn’t reiterate their plans to hike interest rates before the end of the year. Meanwhile, the Aussie recently enjoyed strong support from CPI figures coming in line with expectations, easing concerns that the RBA might cut rates.

NZD/USD

NZD/USD 4-hour Forex Chart
NZD/USD 4-hour Forex Chart

As for NZD/USD, I had been watching the area of interest at the .8700 mark and waiting for reversal candlesticks that might signal a return of Kiwi bulls. However, the RBNZ suggested that they would pause from its rate hike streak and assess the impact on the economy for now. It doesn’t help that geopolitical risks continue to weigh on risk sentiment and higher-yielding currencies.

Do you think it’s time for me to switch my biases on these currencies or are these just short-term pullbacks allowing me to get in at better prices? Don’t be shy to share your thoughts!

 

Happy time

Other Popular Articles:

What is the STA strategy? Q1 2014 in Review Comdoll Trading Kit EUR/AUD Trade

This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.