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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!

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.