Trade The Right Forex Pair (Just Once A Week) To Profit
Fri 12th May 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- EURNZD (Primary Focus Pair)
- NZDUSD (Shown In Video)
- NZDJPY (Shown In Video)
Primary Focus Pair: Overview
NZDUSD
NZD was in focus for us this week as it was on the strong side of the tables.
This led to us looking across the NZD pairs including the NZDUSD.
However, once the NZDUSD was a confirmed signal on the tables, the price had reached a key level of resistance at 0.6375.
If we were to expect the price to trade higher, price would have traded through the resistance.
However, price rejected it instead, which led us to believe NZD strength was no longer in play.
EURNZD
Our EURNZD short trade proved to be the trade of the week that helped us profit over 140 pips.
Once we had the confirmed signal from our tables, the price was in a consolidation pattern.
We looked to either short from the consolidation highs, or on the breakdown.
Either one led to a move lower with our profit targets being the key supporting level of 1.7225.
Price found support at this level and traded back to the upside, showing that the NZD was longer strong.
NZDJPY
NZDJPY broke through a key high of 85.25, however price did not sustain above the level.
We talked about two options to watch.
One was a breakout above the short term highs, however, the price did not achieve this.
The second was to wait for the price to retest the supporting level at 85.25.
However, once the price reached this level, NZDJPY was no longer a confirmed signal on our tables, showing us that the long from this level was not one to trade anymore.
