NZDUSD – SELL – 5th May 2020

NZDUSD – SELL – 5th May 2020 (Closed)

Good afternoon guys,

Another quiet morning, there is very low volume/liquidity coming into the market at the moment. It was a similar scenario over the past couple of weeks therefore we do not want to rush the trades.

This evening we are looking at the NZDUSD. Tomorrow morning there is data coming from NZ with the unemployment data being the main focus. With the RBNZ suggesting the may look at negative interest rates the outlook for the NZD remains bearish.

NZDUSD – 4 Hour Charts

We have seen a break of a key trend line and we are now seeing the re-test of the broken trend line.

NZDUSD – 1 Hour Charts

This looks like a text book head and shoulders formation with the market now trading at the right shoulder line.

Trade set up: SELL – Market order, current price 0.6062, stop loss set at 0.6115 and take profit 0.5920.

Stop loss: 53 pips

Take Profit: 142

Trade Setup
SELL - Market Order

Entry
0.6062

Take Profit
0.5920

Stop Loss
0.6115