Hey, how is your trading going so far this week?
Have you seen what’s going on in the NZDUSD?
Since the middle of September the NZDUSD trade in a medium term range (not that well defined), and to be honest with you, I haven’t placed a trade in this currency pair since then…
Here is how the range looks like:
But now that the it is out of that range, looks like it might continue its way up at least until it reaches the next LT resistance level at 0.8632 (260 pips away from where it is currently trading).
So what do you think? Are you going to look for long opportunities here?
Here is what I’d expect the market to do:
So what I’m actually waiting for is for a small retracement to the breakout level, and if we get a significant pattern with upward pressure I’ll definitely go long.
What do you think of my trading plan?
Let me know in the comment section.