Aug 29, 2016 - Weekly Tech Overview: NZDUSD

Hi All,

As you may already know, currently we are USD bulls but not blind ones. We do believe that patience will pay in a long run. Sometimes it's better to wait to get better chance to buy (USD in this case) or even to try to trade short term in opposite direction (only after finding a real opportunity).

So, we think that NZDUSD is this type of FX pair, where patience will pay off in the long run but still with some intraday possibilities to trade against greenback.

Looks like one more rally is possible here before a sell-off. 

As a bear (and only if you are not in the market yet) I would wait for a rally twds 0,74 (maybe higher) before joining the short side medium/long term.

If you are a bull or short term trader (looking to trade both directions), it could be a good idea to wait for the bottom of the channel on a weekly time-frame.

Chart below should explain my way of thinking:

Please let us know should you have any additional questions or you would like to discuss other crosses as well. We are here to help you, just contact us at: landoftradingATgmail.com.

Happy Trading

Mr Price Action

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