Close Open Orders: 2007-07-23 11:45
Well, it looks like the Kiwi has picked up momentum once again ahead of the RBNZ interest rate decision this Wednesday. NZD/USD broke through resistance at .7950 and through the psychological level of .8000.
We may see further rallying up until the interest rate decision, then a possible sell off afterwards, all depending on the outcome and any commentary afterwards.
As far as our trade, we will close all open orders as any move to the downside would be a possible shift in sentiment and bad for our trade. Stay tuned for the next trade idea!
Trade Idea: 2007-07-19 17:45
Good Evening my friends! Today, I am watching the Kiwi for an opportunity to buy into the uptrend. Right now, the Kiwi has been on a nice run, benefiting from the astounding 8.00% interest rate and US Dollar weakness.
At the moment, the pair is trading in a range bound pattern. Traders are holding off on major trades in the pair as they wait for next week’s events, most notably the RBNZ interest rate decision on Wednesday. Will they raise to 8.25%? Market sentiment is that they will, but we won’t know for sure until then.
Until then, I will watch the pair for a retracement as it is currently finding resistance right below .7950. Buying on a break above is a bit risky, so we will just sit and wait to see if we can get in at a better price.
We will scale into a long position with a wide stop and our final target will be .8000.
Long half position NZD/USD at .7825, stop at .7755, pt at .8000
Long half position NZD/USD at .7800, stop at .7755, pt at .7900
Please remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly.
Good luck my friends!
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