Following NZD Charts in the Forex Market

NZDCHF Technical Analysis

The New Zealand Dollar (NZD) gave multiple entries at the daily close, which we chose to dismiss due to the market’s sensitivity to Greece. After observing the price action in today’s session, we can no longer enter NZDUSD as we have missed the entry while shorting GBPNZD will demand a protective stop loss order that exceeds 300 pips. We have no technical entry in EURNZD unless we turn to the 4hr chart (negative divergence), which we are dismissing as we do not wish to be exposed to the Euro. We are therefore opting for NZDCHF that allows us to employ a relatively tight stop with a decent Risk Ratio (RR).

NZDCHF Daily Chart

Please click on the chart to enlarge:

NZDCHF Daily Chart. 02/06/15

NZDCHF Daily Chart. 02/06/15

The Piercing reversal pattern provides us with an indication that is due for a trend reversal. It is not the cleanest entry but we are expecting NZD to strengthen against a basket of currencies. What may contribute to our bullish projection for NZDCHF is a verbal intervention by the Swiss National Bank (SNB) in regards to the strong Swiss Franc (CHF).

NZDCHF Trade Details

NZDCHF long at market price (0.6697)
Take profit: 0.7135
Protective stop: 0.6580
Risk Ratio (RR): 1 : 4 (approx.)
Estimated duration: 14 days

10/06/15 UPDATE: Despite NZDCHF recent recovery the protective stop loss order was triggered, incurring a loss over the long trade.

As NZD/CHF long trade is closed it can  now be accessed by all traders. Open trades are restricted to members only. We have been proving trade alerts in the spot Forex market since May 2014. Sign up for one of our plans and review our documented trades performance.
Following NZD Charts in the Forex Market

Following NZD Charts in the Forex Market
                                             Following NZD Charts in the Forex Market
Following NZD Charts in the Forex Market
                                         Following NZD Charts in the Forex Market
Following NZD Charts in the Forex Market


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Last Updated on June 10, 2015