Forex $1 MM Challenge - Trade #7 (3-25-19) Sold NZD/CAD
The main event for the New Zealand Dollar this week is the Reserve Bank of New Zealand (RBNZ) interest rate decision tomorrow. Many analysts expect the RBNZ to leave rates unchanged at 1.75% tomorrow.
The New Zealand Dollar, like the Aussie is highly sensitive to developments in China. U.S.-China trade talks are scheduled to start up again this Thursday. Any positive news will be bullish for the New Zealand dollar, but bearish if the talks stall again with no clear path forward.
Ahead of these two events, I put on a position trade this morning.
Monthly Chart (Curve Timeframe) – monthly supply is at 0.96500 and monthly demand is at 0.83500.
Weekly Chart (Trend Timeframe) – the trend is down.
Daily Chart (Entry) – the short was made on the daily supply, but I decided to place my stop above the weekly supply with a target at 0.86000.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
