A few observations on Kiwi as we enter the new trading week..
I noticed when going through charts earlier today that NZD was running in parallel flags on many of the crosses -. Every cross should be judged on its own merits, so just an observation at this time.
The simple chart of the NZDUSD below is not giving us much of a clue . A move towards / break above the 0.6860 area is needed to liven things up.
NZDCAD – Bounced nicely from the July lows on Friday . A break of this low should see an acceleration of any move down and a new lower range. Price is penned in by the 61.8 fib to the topside, presenting decent risk reward for both buyers and sellers.
Similar sideways action on the EURNZD with a sideways flag forming. This time at the top of a range..
GBPNZD – could be the pick of the bunch this week. I’m using the 61.8 – 31.2 fibs ( June lows – July high ) as my gauge to take a more substantial view on this one. Big day for GBP on Thursday and I’m looking for a tradable resolution. — I scalped short from the blue trendline today in Asia ( red arrow ) and took quick pips at the 50% fib…….. This could prove to be a rinse and repeat trade today .
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