SGDNZD trade ideas
NZDSGD: Strong Buy opportunity within the Channel Down.The pair has been trading within a long term 1M Channel Down (RSI = 37.426, MACD = -0.018, Highs/Lows = -0.0198) that only recently made a Lower Low and is rebounding on the 3rd straight green 1W candle.
Based on the duration and decline of the previous Lower Highs, we are expecting the next Lower High to be towards 0.91000, where it will make contact with the 1W MA50, which has always provided a rejection in the past 2 years.
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NZDSGD: Long opportunity within a 1M Channel Down.The pair has been trading within a 1M Channel Down (RSI = 35.152, MACD = -0.017, Highs/Lows = -0.0297) since January 2017. Currently it is closer to the Lower Low zone and since through-out this downtrend it has always made contact with the 1W MA50, we are expecting a rise towards at least 0.9000.
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Navigating the Market : NZDGD 27/9This pair went through a rare two-day whipsaw-ish price expansion of 90+ pips each day. That is almost twice the 20-day ADR for this pair. Due to this I am anticipating a rather subdued price action today with 35-55 pips range on top of today is Friday and there are no risk events for New Zealand and Singapore.
I do see scalping opportunities (in 15 min or 5 min chart) for a Long trade if there is a stop hunt tapping under the London low and short trade if there is a stop hunt tapping at the NY-only session high. I am not a scalper so don't listen to me. However, I will short this pair if the latter happens. Due to negative swaps, I won't be holding this trade overnight, I'll take what I get and find a solution to continue the trade next week.
NZDSGD - Support or Breakout?Drawing Legend :
Red Rectangle: Resistance
Blue Rectangle: Support
Yellow/Orange: Bear/Bull Activity
What I see on this pair is possible support near this level since before there was a bullish spike; just look left.
We are viewing the start of this month ONLY to test our theory. This is not a trade signal and is for educational purposes only.