So with the news that hurricane Harvey is the strongest one in 12 years, and is set to blow through the middle of the US oil industry it has caused refineries to shut down, and creating a gap for the moment of 9.56% a day or 167,000 barrels of oil not being produced how long will supply be muted for .
Anyway by my calculation we can make a small profit here on a geopolitical play , plus the NZD is weak right now after the Forecast downgrade earlier in the week . Also lets not forget the CAD is a very strong OIL based currency.
The charts are showing us a few things, as you can see its well and truly broken the trend, and its fallen through the 0.618 fib line , I'm waiting for some profit taking to take place and it retrace back to 0.9050
Entry set @ 0.9050
Stop just above the 0.618 fib line @ 0.9150
TP @ 0.8950
Oh and Jackson hole symposium today FED and Draghi speaking MKT is watching
Happy trading........Enjoy the weekend !!!!!
Anyway by my calculation we can make a small profit here on a geopolitical play , plus the NZD is weak right now after the Forecast downgrade earlier in the week . Also lets not forget the CAD is a very strong OIL based currency.
The charts are showing us a few things, as you can see its well and truly broken the trend, and its fallen through the 0.618 fib line , I'm waiting for some profit taking to take place and it retrace back to 0.9050
Entry set @ 0.9050
Stop just above the 0.618 fib line @ 0.9150
TP @ 0.8950
Oh and Jackson hole symposium today FED and Draghi speaking MKT is watching
Happy trading........Enjoy the weekend !!!!!
Trade active
Still in this we have CAD- GDP up today and its been revised to tick lower , with all the numbers stacking up of late from the loony , there should be no reason to expect this not to hit expectations.Be patient with this pair as the NZD is being talked down by the RBNZ and with hurricane fiasco going on, the CAD is suffering when it all blows over (excuse the pun)
I fully expect the CAD to strengthen up and the NZD to stay weak and the trade to play out as you can see by the activity its trying to push above 0.91 but can't. Also this week the NZD had lost ground against all the major cross rates .
Stay tuned ...
Trade closed: target reached
another lovely trade
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.