NZD/USD at resistance level. 81.50, potential for a double top:
on the daily chart, obviously this would require a confirmation with a daily candle close below 81.35 in my opinion, better 81.00, where 80.50 and 80.00 can become vulnerable. If the range holds true, and a move lower occurs, 81.35-65 are decent sell areas depending on risk tolerance, for a swing trade. If I were to sell it, and it works, I would be looking for profit taking around 80.90-80.50 areas, depending on what happens with the news this evening:
18:30 NZ NZD Business NZ PMI (Aug) 2 59.5: -ve to 57.5 not much reaction
18:45 NZ NZD Food Price Index (MoM) (Aug) 1 0.5%: -ve to -0.5%
21:00 NZ NZD ANZ Business Confidence (Sep) 2 52.8
Obviously better than expected numbers on these could send well into 82.00 and above.
Update @ 22:00 hours
Hourly chart here on NZD/USD:
Decisions, decisions...uptrend looks vulnerable here at 81.15-25, watching closely as it may bounce from here.
End result stopped out sometime after 02:00 hours EST after several unsuccessful goes at the 0.81 figure > my trade ended at 0.8110 for a total of 28 pips in my favor; not the best result but better than a kick in the you know what.
on the daily chart, obviously this would require a confirmation with a daily candle close below 81.35 in my opinion, better 81.00, where 80.50 and 80.00 can become vulnerable. If the range holds true, and a move lower occurs, 81.35-65 are decent sell areas depending on risk tolerance, for a swing trade. If I were to sell it, and it works, I would be looking for profit taking around 80.90-80.50 areas, depending on what happens with the news this evening:
18:30 NZ NZD Business NZ PMI (Aug) 2 59.5: -ve to 57.5 not much reaction
18:45 NZ NZD Food Price Index (MoM) (Aug) 1 0.5%: -ve to -0.5%
21:00 NZ NZD ANZ Business Confidence (Sep) 2 52.8
Obviously better than expected numbers on these could send well into 82.00 and above.
Update @ 22:00 hours
Hourly chart here on NZD/USD:
Decisions, decisions...uptrend looks vulnerable here at 81.15-25, watching closely as it may bounce from here.
End result stopped out sometime after 02:00 hours EST after several unsuccessful goes at the 0.81 figure > my trade ended at 0.8110 for a total of 28 pips in my favor; not the best result but better than a kick in the you know what.
No comments:
Post a Comment