DislikedGBP-NZD entering a bullish phase? I will add more details when I have some time. {image}Ignored
AZD/NZD has finally moved out of consolidation. NZ finance minister is talking down the strength of the NZD and highlighting the Australian economy appears stronger than many anticipate. This coupled with relatively better data supporting the AUD and some improved predictions over the coming week all support the move to 1.1. I am still holding my longs and targeting 1.12, no changes there.
The time for taking profit is nigh! Price is approaching the 23.6% Fib retrace of the major down move and most likely to react close to this point from profit taking/ short positions entering the market. I have set fill orders on three positions just before the Fib retrace. If there is a significant reaction and a short term down move I will look to enter long again with a reduced position size. Fundamentally the tide is turning for this pair. In the mid term the 38.2% seems a reasonable price target to me based on current economic data. A haul of 1350 pips over the mid term of several months from three positions, beats sitting in front of the pc all day wrestling with short term noise.
Nil desperandum
GBP-NZD entering a bullish phase? I will add more details when I have some time. {image}
Nil desperandum
Short to mid term level in range on the USD-CAD, although I will need to look further into the fundamentals-data before forming an opinion. {image}
I mentioned the USD-CAD mid term support zone back in May, a good technical entry level. Price has subsequently continued the bullish move from this level which would have made a good mid term trade. I did not take this position primarily because I have not been following Canadian economic data/releases. I never take a trade based on just technical data.
Nil desperandum
{quote} My first two long entries hit on GBP/AUD (1.7510) and GBP/CAD (1.7900). GBP/JPY just don't want to go lower..
Nil desperandum
{quote} My first two long entries hit on GBP/AUD (1.7510) and GBP/CAD (1.7900). GBP/JPY just don't want to go lower..
This pair is shaping up very nicely, I am glad you mentioned it. Swap is minimal so it can run as a set and forget for mid-long term.
Nil desperandum
{quote} Some technical zones worth chalking up on GBP'AUD, especially the UNTESTED monumental demand zone starting at 1.636 that took three years to form! Reminds me of a similar scenario on the AUD'USD and AUD'CAD in reverse. Mega supply zone hit in Oct'13 to give a large rejection. These opportunities do not happen often on such a high time frame but when they do every fool and his dog should trade them. In this current scenario price may not make back as far as the 61.8% retrace so an amount of measured "quantitative loading" might be the best...
Nil desperandum
{quote} {image} The time for taking profit is nigh! Price is approaching the 23.6% Fib retrace of the major down move and most likely to react close to this point from profit taking/ short positions entering the market. I have set fill orders on three positions just before the Fib retrace. If there is a significant reaction and a short term down move I will look to enter long again with a reduced position size. Fundamentally the tide is turning for this pair. In the mid term the 38.2% seems a reasonable price target to me based on current economic...
Nil desperandum
- #315
- Edited Sep 26, 2014 2:54pm Sep 25, 2014 3:55pm | Edited Sep 26, 2014 2:54pm
- Joined Dec 2009 | Status: Nil Desperandum | 389 Posts
{quote} Significant zones to load in long on the AUD-NZD. The monthly pivot has been tested twice which will have soaked up the available demand at that price level. Most likely to buckle on further selling pressure. Chart marked with points for loading long, the relative size of the red blocks indicate significance of the price level. Trend due to resume towards 38% Fib retrace of the large correction IMHO. See you later at 1.16 if the wind remains in the sails!! {image}
Nil desperandum
{quote} GBP-NZD has been creeping north with no more downside in the wake of RBZ rate hikes, a good sign! Of course BoE rate hikes are looming and this is starting to be reflected in the price, aiding in limiting the downside. Technically I an seeing a bottoming out. Price has tested the significant 2.01- 2.05 supply zone and subsequently made a higher swing low. In the wake of changing economic tide I don't think this supply zone will hold in the mid term with the possibility of 2.1+. I have recently added a second long. {image}
OK, cooking on gas now, the scenario is playing out, rip tide has changed direction. I exited all GBP pound pair positions temporarily ahead of the Scottish independence vote, now looking for "re-entry" with the minimum amount of volatility burn. Long off the 23.6% fib retrace from major trend following monthly close above this level seems to be the first reasonable choice. Mid term target 2.19, 1500+ pip range.
Nil desperandum
{quote} {image} OK, cooking on gas now, the scenario is playing out, rip tide has changed direction. I exited all GBP pound pair positions temporarily ahead of the Scottish independence vote, now looking for "re-entry" with the minimum amount of volatility burn. Long off the 23.6% fib retrace from major trend following monthly close above this level seems to be the first reasonable choice. Mid term target 2.19, 1500+ pip range. {image}
Nil desperandum
