Even though today we must be careful because of the FED’s Interest Rate announcement, the NZDUSD is still in a bearish market condition, and it will continue to be bearish as long as the market continues to trade below 0.7225:
Here is my plan:
As long as the NZDUSD continues to trade below the 0.7225 ST resistance level, I will be looking for short trade opportunities. My next LT support level is at 0.7086
After a long weekend (not because of the labor day in the US and Canada, but because last Fridays NFP announcement) I think the NZDUSD represent one of the best trading opportunities this week, earlier during the Asian sessions the market broke an important resistance long term level. What is more interesting is that the next long term resistance level is around 0.7152, more than 200 pips where the market is trading right now. Please take a look at the next chart:
My Trading Plan:
As long as the NZDUSDkeeps trading above the long term support level, I will be looking for long opportunities. All take profit orders will be placed below the next long term resistance level at 0.7152
Since last Friday, the NZDUSDhas been trading in a bearish market condition (was rejected from its main long term resistance level at 0.6884). Today, during the Asian and European session the market headed south, but it still has room to continue its way down. Please take a look at the next chart:
It’ll probably continue its way down until it reaches the next long term support level around 0.6540.
My Trading Plan:
Look for short trading opportunities, I will place all take profit orders above the next long term support level.
Last week I wrote about a possible breakout happening in the NZDUSD, it did brake, however it kept ranging in a pretty tight range, a short term range in between 0.6529 and 0.6621. Please take a look at the next chart.
After 6 trading days in that range, now its about time we see some action, and we need to be prepared for that.
Here is my trading plan:
If the market breaks 0.6621 for the upside, I will be looking for long opportunities targeting the next LT resistance level around 0.6913.
If the market breaks 0.6529 for the downside, I will be looking for short opportunities targeting the next LT support level around 0.6242
If the market keeps trading in that little range, I will do nothing.
We have one of the best trading opportunities right now for the majors in the NZDUSD. It traded in a range for more than a month, but now it broke the major long term resistance level. But the best thing is that the nearest long term resistance level is around 0.6913, so we have around 300 pips to find our trading opportunity. Please take a look at the next chart.
So here is my trading plan:
As long as the market keeps trading above 0.6583, I will be looking for long opportunities. My TP levels will be placed below the next resistance level around 0.6913.