NZDUSD Forecast and Trade Setup for the week ending 27th June, 2014

NZDUSD Forecast and Trade Setup for the week ending 27th June, 2014

Daily Chart

• Very bullish price reaction from 0.84 level which is also a previous broken major resistance which now becomes support
• Note that we are trading into previous highs and close to 0.88 level which is also a major resistance

Hourly Chart

• There is MACD negative divergence here , so a short trade is good with last 4H candle showing rejection from the minor resistance after breaking support
• Stops above the highs from last week
• The other is the long trade from the fib confluence of 50 fib, and 38.2 fib + 141.4 fib external extension 
• *note pivots are from last week, so will wait and see the pivots when market opens on monday. - if a pivot point falls into the confluence area then it makes the case for a long trade an extremely high reversal zone

Outlook Trade opportunity

Potential Two trades here, we can short this at open on monday with stops above last week's high, and target a 1:1 - this is because the MACD negative divergence and the low risk trade

The other is wait for price to retrace to 0.860 / Fib confluence level for a LONG trade

Risk Level LOW

Tips -

Always take note of any economical news event on our provided calender below