NZD/USD trading recommendations for January 22, 2016
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A strong bullish rejection and a valid buy entry were expected in the zone of 0.6400-0.6380.
Significant bullish reaction has been manifested around 0.6380 (a bullish engulfing daily candlestick) on the daily chart earlier this week.
Today, bullish persistence above 0.6500 is mandatory to keep pushing the NZD/USD pair towards higher bullish targets.
On the other hand, a bearish daily closure below 0.6500 brings the pair again towards the level of 0.6420.
Hello, I didn't realize of this thread until today. I also have a system thread, where I post my trades on NZDUSD. Anyway, I think it would be nice to post my forecast also in this thread, maybe it would be more debate here, around the NZDUSD.
There aren't many people interested in NZDUSD, and this thread is also dead. Let's see what happen.
On Monthly: There are two inside bars (February & March). Right now, the price is broken March's highs.
On Weekly: There is some kind of flag, and this week the price is breaking the flag. Also, the price is breaking last month's highs. So more upside pressure is expected but on the other hand, the price is entering in the resistance zone (blue rectangle). This is the place where the price has reversed every time, since last September.
On Daily: The triangle has been broken, and now there is higher highs and higher lows, that's a bullish structure.
My bias is still bullish, with some precaution, because of the resistance zone, but I think we are headed to test last year's maximums (0.7557), and after that, a test of the blue and red trendlines (weekly chart).
After checking my charts, I've identified another CIT day on April 13. All CIT are +-1 day, so be careful if there is a price reversal between tomorrow and next Monday, because we are in resistance zone.
I want to clarify how I use this dates. I only use as an indication of a possible swing high or low, if there isn't a confirmation with a buy or sell signal then I dismiss it.
Hi, It looks like the forecasted CIT by April 13, is going to be 1 day early. I've closed all my long trades. Although I'm bullish, we are on resistance zone, so is better to trade with some precaution