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For a few years now, NZD-USD has been a high flier among major currencies. That was in large part due to the fact that "Kiwi" had the highest interest rates from industrial nations. Things might be changing. New Zealand cut its benchmark interest rate on Thursday for the first time in five years and said further reductions were likely as it responded to fears the economy was at risk of sinking into a prolonged recession. The move surprised many, as it contradicted the Reserve Bank’s mandate, which states that achieving and maintaining price stability are the sole objectives of monetary policy. The central bank’s stated inflation target band is 1 to 3 per cent. NZD sold off on the news, although it had been exhibiting some weakness for a few weeks now, as if the market had been "predicting" it. There likely are very interesting times ahead with a great dose of volatility expected.
Our services had a good week, with both of them posting decent gains. Please see the results before and follow the link provided to view details.
We will be updating our complete results pages next week, when current month comes to an end.
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Here are the results for last week:
- Daily Pound made 81 pips ;
- Daily Euro gained 112 pips;
Follow the link on the right to view details.
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Last week's results.
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This is the second week we tried to place a short trade in AUD-USD. Previous week price moved the other way and never reached our entry price. This week, we moved the sell level to 0.9673. Order was filled and target of 0.9600 was reached, for a gain of 73 pips. Not a bad trade.
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Quick recoup of a trade from last week. We analyzed a longer term GBP-JPY chart, daily graph to be exact. We placed a buy order at 214.15. We were filled last week, and trade is under way. Our target is 220 or so. Since we are using daily chart, we have a few weeks outlook for a duration.
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We are taking a look at EUR-CHF today. It has been a long time since we featured a trade in this pair. Over last few years this cross certainly became very tradable instrument, with daily volume and ranges comparable to USD-CHF. By some accounts it is even more popular. We are considering a long trade here. We have a buy order 1.6315, with a target of 1.6370. This set up is derived using 1 H charts, so we don't expect a protracted trade.
We wish everybody great trading week!
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Once again we must stress that the trades highlighted here are only a small sample of our trades. If you have any comments or would like to obtain more information please contact us at info@spectrumforex.com .
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Risk disclaimer:
Substantial risk is involved. Forex trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Forex markets. Don't trade with money you can't afford to lose. Nothing in our website shall be deemed a solicitation or an offer to Buy/Sell futures and/or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on our site. Also, the past performance of any trading methodology is not necessarily indicative of futures results. Trading involves high risks and you can lose a lot of money.
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