The NZDUSD is finally out of the range (looks good for longs)

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:

NZDUSD

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:

NZDUSD

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.

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Raul Lopez

I've been trading the markets for more than 15 years. I believe the best way to trade is by adapting to the market conditions. You can learn it too, join our community .

  • Eviano

    a agree with you Raul. i have bought since morning and it doing well.

  • hmaphela

    Raul ,I can only agree on one side of the story ,that is Retracement to 0.8300 level. I still need futher info and time to confirm continuation to 0.8632. so i will wait for a while to sell on the retracement you suggested for now.

    • Raul Lopez

      Hey,

      I wouldnt recommend you to sell the retracement… I’m not suggesting that there will be a retracement. What I’m saying is that IF we get a retracement, I’ll be buying the rejection of the support level… 

      Good luck!