NZD/USD, July 16, M30, 8am UK Time

NZD/USD in an 8 day up trend, broke all sorts of long term down trends and took a breather after peaking at .73. Fib lines and decision zones will determine if the move down through Asia was the turnaround or just a pullback. Watch the 61% and the 50% Fib level. Trade what you see and don’t forget its Friday, i.e. targets like to set and achieve aggressive targets.

I am not that good at trading markets in extremes and won’t trade today. See you later for the evening update.

NZD/USD, July 16, 8am UK Time

 NZD/USD, July 16/17, Midnight UK Time, H1

The pair behaved perfectly today – it set and achieved an aggressive target, as mentioned in my morning post above. After peaking at .73 we saw quick pullbacks to the 23, 38, 50 and 61%Fib level. The latter, as expected, showed more resistance, but broke with a big bang to the downside, sending the pair downt to the 100% re-tracement level at about .71. After an 8 day up move, this was a very logical and highly probable trade. Hope many of you out there took it.

NZD/USD July 16/17, Midnight UK Time