To Get Ross' Free Forex Update Analysis - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=forex_trading&ad=dnoUfLh7Nfc Let’s take it over here to the NZDUSD. The blue box here is really what we want to concentrate on. We’re at the top of the rising trend here, but we’ve been within this blue box and the range for several weeks now. We have to note of course we have significant news tomorrow, Wednesday. We have interest rate news out of New Zealand, so we’ll want to keep note of that. The potential is that they cut interest rates. Cutting interest rate in New Zealand causes this currency pair, NZDUSD, to go down. So, we want to keep that in mind with our trade opportunities before we get into tomorrow, Wednesday, and that interest rate news out of New Zealand. Let’s zoom it in a couple of times here on the daily timeframes, so we can really get a handle on what’s happening here. We were stuck inside this black box last week, bouncing around inside there. Late last week, we broke underneath that black box and the blue-shaded area, 0.7155 to 0.7175. Pushed all the way down here into 0.7100, rallied yesterday, and even today coming back into 0.7155 and the bottom of that blue-shaded area. Let’s go back to the four-hour timeframe, and take a look what’s been happening over here between the blue and the yellow zone. So, yesterday, the suggestion yesterday from the Trade Room was selling into the 0.7150 to 0.7155-level, the blue-shaded area. We have Fibonacci. We took fib from the high to the low. Even this mid-high, down to the low. Found some overlaps of fibs right around the 0.7150-level. So, if you took a sell, like I did, into the blue-shaded area yesterday, we were able to see a pretty decent amount of profit. The market fell back down. Saw almost 40 pips of profit here. 42, 43 pips of profit on the trade. Again, trade manager did its job. We got in at 0.7155. The trade was closed at 0.7150, so the trade manager had locked in five plus pips of profit, seeing over 40 pips on the trade back down to the yellow zone. I think today is the same thing. Status quo. We continue to look for opportunities on rallies into 0.7150, 0.7155 for selling. We’ve already seen it one time today. We target back down to the yellow-shaded area. And of course if that can ever break underneath the yellow zone, we look for it to go further. That’s the direction I would focus on given the fact that there’s a potential cut of interest rates out of New Zealand tomorrow. Now, if the market surprises us and they don’t cut interest rates, of course we’ll probably look for the break of the blue zone and the continuation back up to the green-shaded area up here as our next resistance or higher likely if they don’t cut interest rates. So, we’re watching for the cut of interest rates in New Zealand. We’re looking for the continuation of this downward fall here because of that. We had positive news out of the US on NFP on Friday as well. So, all that points to selling on rallies to resistance. So, I’m looking at 0.7150, 0.7155, as close as you can get to that blue zone. Stop loss of course is above the blue zone. This red line represents a potential stop loss area up there close to 0.7195 or so. 0.7200. You just really don’t want it to break above this blue zone. So, selling, targeting the yellow zone or lower, even back down towards the purple zone for the NZDUSD over the next couple of days. https://www.youtube.com/watch?v=dnoUfLh7Nfc Disclaimer: This video is for general information only and is not intended to provide trading or investment advice or personal recommendations. Any information relating to past performance of an investment does not necessarily guarantee future performance. Forex Traders Daily including its analysts shall not be responsible for any loss that you incur, either directly or indirectly, arising from any investment based on any information in this video. Please remember derivatives and FX spot carries significant risks and may not be suitable for all investors. Losses can exceed your deposits.
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