Forex Signals

Watch this Breakout Before to Buy


The NZDUSD pair in its hourly chart shows a sideways sequence that reacted mostly bullish after dropped to 0.5468, the lowest level reached since April 2009.

This Tuesday, the stock markets began to show bounces signals despite the bearish opening observed on Monday trading session. The context seen makes us suspect an increase in the traders’ interest on the risk-on side. This scenario could lead to a boost to commodity currencies such as the New Zealand Dollar.

The breakout and close above the level 0.5878 make us foresee that the price could confirm an upward which could drive to the oceanic currency until 0.6186.

The level that invalidates our bullish scenario locates at 0.5655.


Trading Plan Summary

  • Entry Level: 0.5878
  • Protective Stop: 0.5655
  • Profit Target: 0.6186

By Eduardo Vargas

Eduardo Vargas is a technical analyst and independent trader based in Buenos Aires, Argentina. He is an Industrial Engineer and holds a Master in Finance degree. In 2008 began to trade Chilean stocks listed on IPSA. From 2013 started to trade CFDs on Forex, Commodities, Indices and ETFs markets. He analyses different markets combining the Elliott Wave analysis with Fibonacci tools. He provides a market mid-long-term vision.

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