Since last March 17, the New Zealand dollar against the US dollar (NZD/USD) or the Kiwi pair has been trending up as seen at its 4-hour chart above. [Read more…] about The Kiwi’s Uptrend
The New Zealand dollar versus the US dollar (NZD/USD) is currently at 0.7770. In simple terms, 0.7770 USD is equal to 1.00 NZD. [Read more…] about New Zealand Dollar Looking To Revisit Its All-Time High Against The Greenback
Happy Holiday’s FX friends! Hope your trades are giving you dividends especially these days. Anyway, those who are long on the New Zealand dollar or the Kiwi as what investors call it in the street, should start thinking about lightening your positions. Why? Well, if you look at its daily chart, you will see that it has recently broken down from a head and shoulders pattern. In the process, it has also breached its uptrend line. As some of you might know, a break down from such pattern signals a bearish reversal. So if the NZDUSD pair fails to go over the formation’s neckline at 0.7400, it could fall all the way down to just above 0.6800 (computed by projecting the height of the pattern from the point of break down). On the flip side, a successful move above 0.7400 could send the pair at least back in sideways motion. [Read more…] about The New Zealand Dollar (Kiwi) Breaks Down!
Hi guys, my forex pick is the NZDUSD pair (New Zealand dollar vs US dollar) or “kiwi” as some may call it. This currency had been going up since May of this year but after making a 2-year high of 0.7976 last November, it started dropping. Right now, I’m bearish on this currency pair as it could break down from a head and shoulders formation in the daily chart with the neckline at [Read more…] about The New Zealand Dollar To Drop Against the US Dollar?
Forex market: Went long on NZD/USD anticipating the bounce on the support line along with the semi-oversold level of the stochastic ready to bounce back up. Entered @0.6898. Stops placed @0.6842 (58 pips).
Updates: 11pm 3-5. Moved my stop lost to my entry price to prevent further losses.
Updates: 4am 3-6. Took profits @ 0.6967. Pocketed 69 pips. I closed my trade despite the price looking to have just broken out from the resistance as seen on the right image since I don’t like holding positions over weekends. Why? Because it’s harder to liquidate in case some negative reports come up from the global economy.
As for my technical analysis, the image on the left is the daily chart of NZDUSD of the forex market and we can see an uptrend from March-October of 2009. From November 2009 to present, we see a slightly declining trading channel as indicated by the blue lines but overall I see an uptrend. As we zoom in the 3-hour chart, it becomes a different story. What we see is the price trying to break out from the resistance line. Although, traders have different personalities, some would buy this now and anticipate the breakout from the resistance line (I sometimes do that), some would probably buy upon breakout, some would either go short or long depending on what their technical indicators show and the list goes on. Personally, I wouldn’t mind shorting this at its current price and placing a stop loss right above the yellow resistance line or when it breaks out. In case shorting would fail and my stops hit, I can still opt to buy long since it just had broken out from the resistance line. It really depends on which trading style you apply. At the end of the day, regardless of going long or short, do what works best for you.