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Learn Trading - Forex Update: Watching US News and Selling AUDUSD and NZDUSD

413 views · Published 13 January 2017 · 6:39 · Indexed 21 September 2026

Channel: Market Traders Daily · 2017 · Education

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So, if you’re looking to go short, it’s a pretty decent place to do it. We’ve been talking about it since yesterday. The 100-period moving average. The green zone. The historical support, resistance in there. The Fibonacci a little bit above and below. Again, what we need is positive US data to send this lower. Negative, we’ll likely or try to break through that green-shaded area. Of course your stop losses if you’re in it are just above the green zone.

In a similar situation, we’re going to take it over here to the NZDUSD. Kind of a bonus analysis here for our free video in the morning. It’s a very similar situation. You look at the yellow-shaded area right in the middle of the chart. That’s 0.7155, 0.7180, right in the middle. That of course represents historical support, resistance, and congestion. But again, we have that 100-period simple moving average coming into play here to increase our confidence.

Remember all we can do as individual traders is use price action, indicators, analysis, commentary – all of our tools available to us to increase our confidence in a trade. It’s never going to guarantee a trade, but all we do is use those tools to increase our confidence in our trade. So, just that one simple add of the 100-period moving average, again, just boosts our confidence in resistance at that yellow zone. We saw it once yesterday. I’ve had a pending order there since yesterday at that yellow zone, waiting for it to try and challenge it again.

If you look at the last time, right here, where the black circle is, look at this. Five days challenging that 100-period moving average, could not break it, and then turned around and went lower. So, that’s kind of the theme that I’m working with. Hitting the moving average, like it did here at the black circle, and then falling back down. I have the pending order there at 0.7155. If it takes it in, if we get a little bit of a push higher and takes it in, I’ll be looking for it to bounce off and go lower.

Of course the risk is pretty clear. The risk becomes lower the higher it gets, but the risk is that it gets above 0.7180 and starts to turn higher. So, we know what the risk is. We know the potential reward. It turns back in the direction of the previous downtrend, and so we’ll look for an opportunity to go short on the NZDUSD today.

https://www.youtube.com/watch?v=CGS2dnfvFFY

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