NZDUSD 0.65580 + 0.36 % LONG IDEA * STRUCTURE & TREND ANALYSIS
Good Day Everyone
Here's my idea on the NZDUSD pair that has been trading in a descending channel hitting HL & LL respecting structure, the pair was just rejected at the base of structure currently rallying up with the bulls respecting the channel looking for a continuation of this move with the bulls.
the pair is currently trading in a ascending triangle on the 4H chart looking for a break above of this structure to trigger the trade..
FXSTREETS -
Since the OCR drop , NZD/USD failes to correlate to its current interest rates and is operating at -83%. This is day 2 since the drop and NZD/USD as well as all NZD pairs must correlate to its interest rates. This is mandatory as an exchange rate cannot trade correctly in markets without a positive correlation to its interest rates. This means means NZD must adjust.
As stated many times, an interest rate change by a central bank takes 5 days to normalize. We're on day 2 and 3 days to go.
fxstreet.com/analysis/weekly-trades-nzd-usd-nzd-jpy-nzd-chf-and-usd-cad-202008240946
let's see how it goes.
HAPPY TRADING EVERYONE
_________________________________________________________________________________________________________________________
ENTRY & SL - FOLLOW YOUR RULES
TP 1 - 0.65850
TP 2 - 0.66169
SL - 0.65292
RISK-MANAGEMENT
PERIOD - SWING TRADE
__________________________________________________________________________________________________________________________
If this idea helps with your trading plan kindly leave a like definitely appreciate it.
Here's my idea on the NZDUSD pair that has been trading in a descending channel hitting HL & LL respecting structure, the pair was just rejected at the base of structure currently rallying up with the bulls respecting the channel looking for a continuation of this move with the bulls.
the pair is currently trading in a ascending triangle on the 4H chart looking for a break above of this structure to trigger the trade..
FXSTREETS -
Since the OCR drop , NZD/USD failes to correlate to its current interest rates and is operating at -83%. This is day 2 since the drop and NZD/USD as well as all NZD pairs must correlate to its interest rates. This is mandatory as an exchange rate cannot trade correctly in markets without a positive correlation to its interest rates. This means means NZD must adjust.
As stated many times, an interest rate change by a central bank takes 5 days to normalize. We're on day 2 and 3 days to go.
fxstreet.com/analysis/weekly-trades-nzd-usd-nzd-jpy-nzd-chf-and-usd-cad-202008240946
let's see how it goes.
HAPPY TRADING EVERYONE
_________________________________________________________________________________________________________________________
ENTRY & SL - FOLLOW YOUR RULES
TP 1 - 0.65850
TP 2 - 0.66169
SL - 0.65292
RISK-MANAGEMENT
PERIOD - SWING TRADE
__________________________________________________________________________________________________________________________
If this idea helps with your trading plan kindly leave a like definitely appreciate it.
Trade closed: stop reached
🔴
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.