Wednesday 4 June 2014

NZDUSD - Shaping up for a bigger break out??

NZDUSD has been mostly ranging on the Renko chart but seems to have recently broken out of it. Price looks to be retracing to find support at the breakout of 0.8364.

NZDUSD - Renko

While its hard to explain the levels, a buy order at 0.83334 with stops at 0.80765 targeting 0.9336 should be a good trade with +ve swaps along the way. It might take a very long time... perhaps Q3 of 2014 for this trade to be done with, so patience is essential.

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