An Intraday Attempt at NZDUSD in the Forex Market

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NZDUSD Technical Analysis

We have been mentioning NZDUSD for quite some as we were constantly searching to-renter the currency pair. The recent weakness in the Kiwi is still insufficient for the daily chart, however, we are opting for the 4hr chart due to the attractive Risk Ratio (RR). While the daily chart demands further weakness thee is a strong possibility the 4hray contain the weakness at current levels and force corrective gains in NZDUSD.

NZDUSD 4hr Chart

Please click on the chart to enlarge:

NZDUSD 4hr Chart 03/08/15

NZDUSD 4hr Chart 03/08/15

The lower support line (in purple) marks the re-test the daily chart demands, which may paint a left-hand shoulder in the daily chart, similar to our prior EURUSD long trade. We noted the intraday support level (in orange) that we anticipate to hold it is being re-tested by the market at the time of this writing. As a precaution the protective stop loss order will be layered below the latter support (in purple). The target is the intraday resistance at 0.6770.

We should highlight that the reason why we often wait for the daily close it due to the fact the price could pierce the support/resistance lines and then close above/below at 21:00 GMT (the daily close). This protects us from the intraday noise. The fact we are opting for the 4hr chart involves an element of risk that we are willing to undertake due to the size of the protective stop loss and the take profit.

NZDUSD Trade Alert Details

Long at market price (0.6564)
Take profit: 0.6770
Protective stop: 06487
Risk Ratio: 1 : 2.5 (approx.)
Estimated duration: 10 days

07/08/15 UPDATE: Although most of the updates were via email, the daily entry as you may see was more effective than our intraday attempt through the 4hr chart. Nevertheless, NZDUSD is trading at 0.6551 at the time of this writing. Should NZDUSD post moderate gains ahead of the Non Farm Payrolls (NFP) on Friday we are likely to liquidate parts of the trade. Should the gains fail to materialize the NFP will be the key to our long trade.

07/08/15 UDATE II: NZDUSD is trading at 0.6570 at the time of this writing. We are closing 10% of the long trade at market price ahead of the Non-Farm Payrolls (NFP).

07/08/15 UPDATE III: NZDUSD is trading at 0.6631 at the time of this writing. We are closing 20% of the long trade at market price ahead of the weekend.

10/08/15 UPDATE: NZDUSD is trading at 0.6616 at the time of this writing.

NZDUSD 4hr Chart

Please click on the chart to enlarge:

NZDUSD 4hr Chart 10/08/15

NZDUSD 4hr Chart 10/08/15

We are closing 10% of the long trade at market price and shift the protective stop to the entry. You can clearly see how NZDUSD provided a daily entry after re-testing the lower support line.

As the PBOC devalued the Yuan the protective stop order was triggered by the market at the entry. We have ended the trade with a fair profit and enjoyed positive interest at the rollover.

An Intraday Attempt at NZDUSD in the Forex Market

As NZDUSD trade is closed, this page can  now be accessed by all traders. Open trades are restricted to members only. We have been providng trade alerts in the Forex market since May 2014.
An Intraday Attempt at NZDUSD in the Forex Market

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An Intraday Attempt at NZDUSD in the Forex Market

                                         An Intraday Attempt at NZDUSD in the Forex Market
An Intraday Attempt at NZDUSD in the Forex Market
                                             An Intraday Attempt at NZDUSD in the Forex Market

An Intraday Attempt at NZDUSD in the Forex Market