Is the kiwi losing its bearish momentum shown after the last RBNZ decisions?

SHORT ON NZD/USD

Signal released on 10/02/2017

Status of the signal: CLOSED WITH PROFIT ON TARGET

Despite the decision of leaving the interest rate unchanged taken this week by the RBNZ and the related Governor Wheeler’s statement traders latched onto the central bank’s call for a lower and more sustainable currency. The cross rebounded yesterday on the important resistance placed on 0.732 area and has turned definitively bearish on the daily chart. The Heiken-Ashi turned red yesterday and today has shown a very clean bearish candlestick.

TRADING SIGNAL: SHORT, TP 0.7022, SL 0.7332

This signal is valid as long as the price is below 0.73 and the Heiken-Ashi indicator confirms the present downtrend.

nzdusd_90217

Update 20/02/2017

The cross is struggling to take the direction we expected last week after the decisions (or better to say the no decisions) taken by the RBNZ. We have noticed small volatility since then but we still believe the support area around 0.72 will be broken shortly to finally move towards our target at 0.70. A blue Heiken-Ashi bullish candle appeared last week which made us think the trend could change and go against us but it was not confirmed. Here is the latest daily chart of the cross.

nzdusd_20022017

Update 6/03/2017

It took more than we expected but our signal finally reached the set target a few hours ago and closed our short position with profit. That was just great!

Stay tuned and visit our website or subscribe to our blog to get more trading ideas for free. 

Happy trading!

The lucidix4forex team 

 

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