NZDUSD: Objective almost met, close shorts ahead of NFP

NZDUSD: Objective almost met, close shorts ahead of NFP

In our previous technical comments on the NZDUSD pair, which we started on April 30, we said “NZDUSD preparing for further backwardation” while it was valued at 0.7605.

The pair has achieved the awaited breakout when our discussed how “Sell stop position in play”.

The pair has placed 0.7420 –our soft target- to be the low of today’s trading; therefore, we have closed our short position.

nzdusd-08-05-2015

 For our followers who still keep the position from 0.7550 , we recommend closing it ahead of awaited NFP fluctuation.

However, we can re-enter the market selling the NZDUSD pair with a sustained breakout below 0.7380 regions with 100 pips stop loss at 0.7480 to ensure at least 30 pips the 130.00 pips profit we made in our accurate setup.

Amir El Araby

Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

You have to be logged in to comment.