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NZDUSD Pending Rate Decision Breakout

NZDUSD Pending Rate Decision Breakout

2017-02-08 12:27:00
Walker England, Forex Trading Instructor
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Market Condition: NZD/USD Pending Breakout

Target 1: .7627

Target 2: .7879

NZD/USD, Daily Chart with Resistance

NZDUSD Pending Rate Decision Breakout

(Created Using IG Charts)

The NZD/USD is trending higher for 2017, and is just off of its yearly high at .7375. If prices continue to rise after this afternoon’s RBNZ rate decision, traders may look for bullish breakouts above this point. Traders may consider managing risk below last Friday’s swing low at .7249. With 126 pips of potential risk, traders may consider a 252 pip profit target towards .7627. This would create an initial 1:2 Risk/Reward ratio for a bullish breakout.

In the event that prices fail to breakout higher, traders may elect to simply delete any pending long entry orders. If prices do break below .7249, this would suggest a change in momentum for the NZD/USD. In this bearish scenario, traders may consider sell based strategies on a change in the markets direction.

--- Written by Walker, Analyst for DailyFX.com

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

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