THE NEW ZEALAND DOLLAR HAS BEEN EDGING HIGHER SINCE MONDAY BUT THE STRUGGLE TO BREAK ABOVE 0.71902/0.72 RESISTANCE AREA HAS BEEN NOTED. TODAY ON THE ECONOMIC CALENDAR WE GET A FED SPEAKER & FACTORY ORDERS FOR THE USD, AND FOR NZD WE HAVE GLOBALDAIRYTRADE PRICE INDEX. MY PLAN IS TO LOOK FOR OPPORTUNITIES TO SHORT THIS PAIR AT RESISTANCE.

NZD C.O.T REPORT

LONG NONCOMMERICAL POSITIONS: the number of long positions have been decreasing since July 11th and continuing in August. A decrease of long positions from 29590 to 10198. SHORT NONCOMMERICAL POSITIONS: a slight increase in short positions is evident as the number rose from 7708 to 10198, adding 2490.

NZDUSD H4

MARKET IS BEARISH, 55 IS ABOVE THE 21. PRICE OPENED AT WM2 WHICH COINCIDES WITH MM2 AT THE BEGINNING OF THE WEEK. PIVOT POINT TARGET FOR BULLS IS WM4. HOWEVER PRICE HAS BEEN BEARISH PRINTING LW & LL. RESISTANCE IDENTIFIED AT WPP & WM3 WHICH IS ALSO A FIB ZONE. SUPPORT IS IDENTIFIED AT WM2/MM2. STOCHASTICS HEADING NORTH. I WOULD LIKE TO SHORT THIS AT WM3/61,8 IF PRICE BREAKS ABOVE WPP.

NZDUSD H1

MARKET IS BEARISH, HOWEVER 21 & 55 ARE CURRENTLY FLAT. PRICE IS MOVING SIDEWAYS. RESISTANCE IDENTIFIED AT DM4/DR2/38.2 FIB WHICH COINCIDES WITH WPP. SUPPORT IDENTIFIED AT DM2 WHICH COINCIDES WITH WM2/MM2. STOCHASTICS IS OVERBOUGHT. I WILL MONITOR MY LOWER TIMEFRAME CHARTS FOR REVERSAL PATTERNS & ALSO KEEP AN EYE ON THE H4 CHART.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.