News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • Further your forex knowledge and gain insights from our expert analysts @JohnKicklighter and @JStanleyFX on $USD with our free Q4 market analysis guide, available for free today. https://t.co/7G7pWntiyY #DailyFXGuides https://t.co/XYCRng3hEW
  • RT @JournalistRoss: From CNN's @mkraju: The goal among Democratic leaders is to have a vote Wednesday or Thursday on the infrastructure pac…
  • *Reminder: Weekly Strategy Webinar tomorrow at 8:30am ET on @DailyFX !! https://t.co/lxd5fZnn4H
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/L15w1dzclc
  • Wow Liverpool... https://t.co/9Mx6Xmw4iS
  • With the $SPX, Bitcoin and Fed 2022 rate forecasts pushing record highs; the heavy economic docket for the coming week will make for some loaded trading potential. The events and markets I'm looking at ahead: https://www.dailyfx.com/forex/video/daily_news_report/2021/10/23/SP-500-Reversal-ECB-Decision-FAANG-Earnings-Top-Volatility-Themes-Next-Week.html https://t.co/1SGirtalSb
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/wdbXlx7ChB
  • Further your stock trading knowledge and gain informed market analyses from our expert analysts @HathornSabin and @JMcQueenFX on Indexes with our free Q4 guide, available today.https://t.co/YQG1aaIT8C #Dailyfxguides https://t.co/qqYNi1RA2F
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/ZnyMVSjd2b https://t.co/1bNvAWr7Yy
  • US equities back to record highs, but inflation concerns remain. FTSE eyeing EU-UK spat. Get your weekly equities outlook from @JMcQueenFX here: https://t.co/W5TUhVJ1YZ https://t.co/tQdkW5ysQD
NZDUSD Drives to Target While EURNZD Continues to 3 Year Highs

NZDUSD Drives to Target While EURNZD Continues to 3 Year Highs

Jeremy Wagner, CEWA-M, Head of Education

Our target of .6575 for the short NZDUSD position hit and therefore we are closing the position booking +84 pips. The short position was triggered on August 29 as NZD/USD was breaking a support trend line.

We are continuing to hold the long EURNZD position and we will tighten the stop loss to 1.7500 today. The 1.7500 mark in EUR/NZD is just below last week’s low. A break below this 1.7500 level will caution us to deeper losses and we will want to exit the position at that zone with a small loss. Our target level remains at 1.8000 as the entry level was 1.7570.

EURNZD chart bounces to 3 year highs.

Though we are not specifically performing an Elliott Wave analysis on EURNZD, our viewpoint on EURUSD is that it is rallying in a larger corrective wave that may last for several weeks or months. NZD has been especially weak lately. Therefore, pairing EUR against NZD may have medium term potential.

Original EURNZD Trade Idea

Long Entry: 1.7570

Stop Loss: 1.7354 (**we are moving this to 1.7500 today)

Target: 1.8000

Risk to Reward Ratio 1 to 2

Trading FAQ

There are many reasons why traders typically lose over the long run. We studied millions of live trades to find what makes some traders successful over others. Risk to reward ratios was a common trait so we used that in our Traits of Successful traders research.

We have several guides to help traders become more consistent. My area of expertise is Elliott Wave and we have wave structures and tips covered in our beginners and advanced Elliott Wave trading guides.

New to FX trading? We created this guide just for you.

---Written by Jeremy Wagner, CEWA-M

Jeremy Wagner is a Certified Elliott Wave Analyst with a Master’s designation. Jeremy provides Elliott Wave analysis on key markets as well as Elliott Wave educational resources. Read more of Jeremy’s Elliott Wave reports via his bio page.

Do you agree/disagree with Jeremy’s Elliott Wave count above? Include your comments and Elliott Wave chart in the comments section below.

Discuss this market with Jeremy in Monday’s US Opening Bell webinar.

Follow on twitter @JWagnerFXTrader .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES