TRADING THE NEW ZEALAND’S DOLLAR’S NEXT BIG MOVE

NZD Next Mega Move

We had a wonderful trade on our last technical blog where traders were sitting pretty and have taken good profits. Last weeks sentiment on NZD/USD was very even, as the price which opened on Monday was approximately where the price closed for Friday. NZD/USD has been in a steep bearish trend before last week and we believe a trend reversal could be anytime soon.

This week we are looking for a fresh opportunity on NZD/USD, a fantastic breakout opportunity has presented itself to us and we would like to share this with you. The Kiwi is on the verge of a big move and we are looking to fill you in on how Platinum approaches this type of opportunity.

The New Zealand Dollar: What Every Forex Trader Needs to Know

Fundamental Point of View on NZD/USD:

This week, we have no major fundamental news specifically for the Kiwi. Therefore, we will focus on looking at the US news will which will have a vital role in the movements for the NZD/USD.

US New Home Sales: Wednesday, 14:00.

Sales of new homes trigger wider economic activity such as spending on infrastructure and are correlated with the wider economy. After an annualized level of 694K sales in March, a small slowdown to 680K is on the cards for April.

3.FOMC Meeting Minutes: Wednesday, 14:30.

The FOMC is a key event in the Forex market and here’ why we should be looking at the event: It’s a detailed record of the FOMC’s most recent meeting, providing in-depth insights into the economic and financial conditions that influenced their vote on where to set interest rates.

The Federal Reserve publishes minutes from its meeting in early May when it decided to leave the interest rate unchanged and made some subtle changes to the statement, such as describing the inflation target as symmetric, a wording that triggered speculation that the Fed will tolerate higher rises in prices after a long period of low inflation. Markets will also want to hear a message that the June hike is on track. It is priced in.

Technical Point of View on the NZD/USD

 From the daily chart, we can see the inverse head and shoulders pattern that previously formed. We have been in a steep bearish trend on this pair for the last month or so. We are now looking for a distinct reversal change. The bottom for our prediction should be the 0.6850 level, it is showing major demand with great probability of moving higher from there.

NZD Fx Chart 19-05

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NZD/USD Forex Trading Strategy

Trade Entry: Long NZD/USD @ 0.6850 with a 40 pip stop loss with atarget of 0.7080

Key Technical Levels on the NZD/USD

 

  • 6930 – Short term Selling Level
  • 6970 – Short term Selling Level
  • 7040 – Short term Selling Level
  • 7090 – Long term Selling Level

How to become a profitable Trader.

If you are a new trader and would like to learn how to trade, then sign up today to our 2-day free Foundation to Forex Trading Course. We have just introduced this as in the last month we have had a lot of inquiries on learning how to trade the financial markets. We can get you on the successful path of becoming a Financial Trader.

Hopefully, you have enjoyed today’s article and have gained great knowledge about trading and how to trade.

See you soon!

The Platinum Formula:

Perfect Fundamentals + Perfect Technical Analysis + Perfect Logic + Perfect Risk Management = Perfect Trade

THE PLATINUM WAY

At Platinum, we teach all individuals from different walks of life to become a full-time trader or create a secondary revenue stream by trading part-time. We trade in an Institutional Way by letting the market come to us and being patient. Using Platinum’s Trading system you can take many Pips out of the market. We can ensure using this style of trading your trading will make a turnaround as you will become much more consistent.

If you want to trade like the professionals do, making consistently profitable returns from your trading, get in touch with us and we will demonstrate live exactly how we approach the markets.

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Hopefully, you have enjoyed today’s article. Thanks for reading!

Have a fantastic day!

Nisha Patel

Live from the Platinum Trading Floor.

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The information you’ll find in this article is for educational purpose only. We make no promise or guarantee of income or earnings. You have to do some work, use your best judgement and perform due diligence before using the information in this article. Your success is still up to you. Nothing in this article is intended to be professional, legal, financial and/or accounting advice. Always seek competent advice from professionals in these matters. If you break the city or other local laws, we will not be held liable for any damages you incur.