Sell below 07283. Stop loss at 0.7349. Take profit at 0.7188. Reason for the trading strategy (technically): Price has finally broken our major support-turned-resistance level at 0.7283 (Fibonacci retracement, horizontal swing low support) triggering a bearish move to 0.7188 support (Fibonacci retracement, horizontal pullback support). RSI (34) sees a bearish exit of our long term ascending support-turned-resistance line and also a break below our 51% support signalling a big drop from here.
@AshaDi, I think this is a good sell level, given that is near previous resistance support
Glendoonie
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@AshaDi, I would have esid 'yes', in hindsight and all that. Anyway I was stopped out and the news out of NZ looked good yesterday. Oh, so that would have friven the NZD up? This stuff always consuses me. I confess I did not check the Forex Factory yesterday... when I was stopped out ...
:45pm NZD
Employment Change q/q
0.5% 0.4% 2.2%
NZD
Unemployment Rate
4.5% 4.7% 4.6%
AshaDi
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@Glendooie, i got really sick last nite, fallen asleep... missed out...good at sl... meh... sad
Glendoonie
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@AshaDi, Sorry to hear that dude :-( Tomorrow is another day - never forget
AshaDi
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@Glendooie, anyway moved to gbpusd now, any opinion?
Glendoonie
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@AshaDi, Eeeek, I saw your message 2:25 NZAST. I never got into that GMT stuff, but I ought to. I can't remember what happened t0 GBP/USD