A technical analysis of a dispute between cousins.
The recent price action again reached a level not far from the several high points of 2015.
In this particular case, it almost equals the maximum of September 2015, where, as we can see on the below chart, there is a potential double top in formation, which still lacks confirmation obviously.
We believe however that this pair is in a good position for a short opening with a quite acceptable R/R, although this has not been the best entry point.
We did not enter into this consideration with any fundamental aspects. If anything, the recent evolution of GDP appears to be a bit more resilient in New Zealand than in Australia.
Anyway, let's look at the levels to monitor:
If it holds today's downward trend, the first level will be 1.1150, very close to the recent lows, where probably this pair will stop to possibly evolve into a range mode.
The second level to watch is the 38.20% Fibonacci retracement at 1.1075 or so.
The third level corresponds to 50% Fibonacci retracement at 1.1000 or so, which corresponds to the maximum seen in January 2016 .
If the market moves in our favor, a first gains withdrawal will be in 1.1150 (aforementioned bottom range).
The rest will be open, hoping for a bit above 1.1000 or so, however, Mr. Market will decide.
The stop loss is placed above the today's maximum and will be moved to the break even soon as possible..
The recent price action again reached a level not far from the several high points of 2015.
In this particular case, it almost equals the maximum of September 2015, where, as we can see on the below chart, there is a potential double top in formation, which still lacks confirmation obviously.
We believe however that this pair is in a good position for a short opening with a quite acceptable R/R, although this has not been the best entry point.
We did not enter into this consideration with any fundamental aspects. If anything, the recent evolution of GDP appears to be a bit more resilient in New Zealand than in Australia.
Anyway, let's look at the levels to monitor:
If it holds today's downward trend, the first level will be 1.1150, very close to the recent lows, where probably this pair will stop to possibly evolve into a range mode.
The second level to watch is the 38.20% Fibonacci retracement at 1.1075 or so.
The third level corresponds to 50% Fibonacci retracement at 1.1000 or so, which corresponds to the maximum seen in January 2016 .
If the market moves in our favor, a first gains withdrawal will be in 1.1150 (aforementioned bottom range).
The rest will be open, hoping for a bit above 1.1000 or so, however, Mr. Market will decide.
The stop loss is placed above the today's maximum and will be moved to the break even soon as possible..
Having worked more than 20 years in the Semiconductor Industry and simultaneously trading part-time in the Stock market part-time since 1999, I've been trading full-time since December 2012, focused on Currencies, Industrial Commodities and Thematic Indices. In my daily routine, I seek to exploit all trading opportunities in the above markets through a global-macro analysis and 'price action' techniques, using a moderate risk style. When inspiration emerges, I'm a blogger and I write about financial markets. I hope you enjoy my articles. Cheers. Vitor is a private trader on stock market since 1999 and on foreign exchange market and commodities since 2007. The beginning of his trading activity took place in parallel with his professional activity in the semiconductor industry where he worked for 20 years. In 2009 went on to full-time trader, focused on major stock indices, oil and foreign exchange market. Occasionally he writes for blogs with commentary and market analysis.
Interactive Brokers Expands Offerings with Daily Options on French Stocks
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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