Came back after watching Man City go down 3-1 at home to Bayern Munich.
The AUDNZD trade has gone significantly in my favor currently trading 110 pips in profit, around 35 pips from TP. Moved stop loss to 1.1345, locking in 40 pips of profit.
I checked across the other pairs, the NZD is now looking good across the board, with strong bullish price action appearing on most 4H and D charts. I am prepared to trade the NZD against either USD or JPY. It has already moved a lot against USD in relative to potential targets (i.e. how much it moved today, how far it is trading above the day’s low, and how far it is to the previous high). On that basis, trading against the JPY looks far more attractive.
BOJ interest rate announcement is early on Friday morning – around 36 hours away. There are no other significant news relevant for either NZD or JPY over Thursday and Friday.
Arguments for a long NZDJPY trade:
- Great bullish pin bar on D chart
- Great logical stops and targets (see chart above)
- Very nice corn-trade setting up on 4H chart
- Strong bullish price action of NZD across all currencies (mostly pin bars)
- Thus entered order to buy at 80,90 (stop 80.40, TP 1/2 at 81.80, 1/2 at 82.75)