Good afternoon ladies and gentlemen
The weekend was a scorcher and has continued through today, although there is a bit of a blustery breeze about. Always makes the transition into the start of the week so much easier when the sun is shining.
It’s been an explosive start to the week with all positions waiting to be triggered now in play. I am approximately 500 pips up with the DKK being the biggest mover of the day. Now it’s a matter of letting price move and managing according to the strategy rules.
Below I have the NZD which is looking good but one that I have chosen to hold tight on for a little longer. Those in the know will know that the due to geographical location, the NZD should have similar price action to the AUD. Below I have the daily and if you switch from the NZD to the AUD you will see exactly that. Since 2009, the Bulls have very much been in control, taking price from 0.500 to 0.900. Like on the AUD, the odds have now changed and seem to be favouring the Bears. Confluences are that we are now below the VI, which was also retested last week, we are below the figure of 0.800 and Stochastics is now signalling a Bears revival. Looking at Big Brother, the weekly chart, price is still above the VI. Stochastics is now OS but as yet not giving a fake signal. However TC is saying that it is a Bears market so any positions opened will have to take into consideration where T1 is in relation to the VI on the weekly. Back on the daily, there is the drawn in support line which was broken on Friday. I am now looking for a further break and retest before jumping in on this one with T1, as mentioned, appropriately placed.
As always do your own analysis.
“Ever failure brings with it the seed of an equivalent success.”
Zaheer Anwari
Tags: nzdusd
