Video

James Kim@Saxo
In this webcast, Saxo's global sales trader James Kim runs through the events of the week ahead and give his thoughts on the positioning of S&P, Hang Seng, US Dollar Index, EURUSD, USDCHF, NZDUSD, AUDUSD, USDJPY, XAUUSD.
Medium term
/
Sell
Trade view / 18 January 2018 at 7:55 GMT

Short trade taken in NZDUSD

Analyst / PIA First
United Kingdom
Instrument: NZDUSD
Price target: 0.7000
Market price: 0.7297
Background

USD Index – Yesterday's price action posted a bullish outside day on the daily chart. This often indicates a change of trend. The weekly chart, and we are holding on to the trend of lower lows. The bias turns positive with buying dips the best option today. 
USD
Source: Saxo Bank

Taken a long-term short in NZDUSD and here is why:

Monthly: In a large expanding wedge formation that has an eventual bias to break to the downside. We are holding levels close to 0.7300. This has been a congestion zone since 2004-2005 
NZDUSD M
 Source: Saxo Bank

Weekly: We have a possible bearish Head and Shoulders pattern. The most important factor here is long-term bespoke resistance at 0.7297. Support at 0.6984
NZDUSD W
 Source: Saxo Bank

Daily: Doji style candle posted for yesterday’s price action

Intraday (two hour) – Evening Doji Star posted from the high, often dictates a top. Possibly forming a bearish Head and Shoulders. Those more conservative among us can wait confirmation on a break of 0.7250, neckline. 
NZDUSD 2
 Source: Saxo Bank

Management and risk description

Parameters

Entry: short at 0.7297

Stop: hard stop at 0.7400 

Target: 0.7000 and 0.6000

Time horizon: long-term

— Edited by Clare MacCarthy

Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on TradingFloor.com is found here
1y
FadelSalem FadelSalem
Good call Sir, Patient one will gain a lot :)
1y
Chris O'Connell Chris O'Connell
Hi Ian any update on this trade?
1y
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
I am still short. Holding for a long-term selloff. Only a monthly close above .7297 would force me out
1y
Chris O'Connell Chris O'Connell
thanks Ian
1y
themis themis
Gd morning Ian
Do you think worths shorting this pair at current levels for 2-3 months period pls?
1y
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
Morning. 0.7408 id a big level. I need to see a monthly close below 0.7300 to keep me on the bearish side
1y
themis themis
thank you Ian

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