Okay so this has been on the radar for a while now and we could have entered days ago knowing this , however I wanted to wait for the NZ Employment Q/Q results before entering, worth noting labour costs missed too,
NZ figs missed considerably last night in the Asia session, you can see by the charts we have enjoyed a nice rally since April against the JPY , this has also been held up recently due to Chinese data being good , with this being a commodity linked currency it will swing up and down as a result of this .
My view is this the rally is coming to an end, we have had 4 tops here, and it seems to have become the strong selling area/ Profit taking area .
So :
Going to start selling in slowly and the reason for this is, Oil has dropped giving the USD/JPY a little boost which will have an effect on our pair.
Entry @ MKT 82.30
Stop loss @ 84.50
TP1 @ 81.00 just above the 0.786 fib line
Happy trading guys ...
NZ figs missed considerably last night in the Asia session, you can see by the charts we have enjoyed a nice rally since April against the JPY , this has also been held up recently due to Chinese data being good , with this being a commodity linked currency it will swing up and down as a result of this .
My view is this the rally is coming to an end, we have had 4 tops here, and it seems to have become the strong selling area/ Profit taking area .
So :
Going to start selling in slowly and the reason for this is, Oil has dropped giving the USD/JPY a little boost which will have an effect on our pair.
Entry @ MKT 82.30
Stop loss @ 84.50
TP1 @ 81.00 just above the 0.786 fib line
Happy trading guys ...
Note
OIL CHART DXY CHART
Trade active
Okay so overnight poor Chinese caixan data and the Aussie trade balance hasn't helped the NZD, but its helped our trade as there has been some noted safe haven plays , 50 pips in profit right now , nothing to do but keep on trucking......
Happy trading people
Trade active
Right so we could lock in 50 pips here , Were going to lock in 30 pips , the reason being is we have Asia session data Monday for the NZD inflation expectations Q/Q , then the big finale of the RBNZ cash rate decision Wednesday 9/8/17 .
We will go into this over the weekend with our analysis , but feel they will be Jawboning the currency due to the appreciation this has had recently , so for this reason Im happy to put a stop loss in @ 82.00 and let it ride .
You have to be patient with this pair, as over all its not the fastest mover unless an event is on , so next week will see this pair bounce around .
Happy trading guys have a great weekend ......
Trade active
Okay guys we had to move our stop loss to break even when this was going against us for a short period , but I'm happy to say we have been in since 82.30
and this is working out lovely , still going to hold as we mentioned until post RBNZ meeting ,
Stop has been moved again to
81.30 to lock in 100 pips and let it ride
Happy trading guys
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.
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.