price-action-how-to-trade-forex-price-action-23-oct-16

Price Action Trading Report – Dollar Delight

Happy Weekend, Price Action Traders!

In this week’s Price Action Trading Report we’re going to update our analysis on NZDUSD. As regular watchers of this report will know, I haven’t found NZDUSD particularly pleasant to trade for months now, and it continues to frustrate me.

In last week’s price action report I thought things were looking good for an eventual move to the downside on NZDUSD, but a spike to the upside early this week put that on hold. In spite of that, there is still an overall topping feel to the currency pair that remains intact. There is an important point to note here – we can be correct about market direction, and still either fail to make money, or even still, lose money. Forecasting the direction of price is only a small part of trading.

Key levels for the week ahead on NZDUSD – I’m keeping my short bias below 0.7270 and looking for a break of the trendline that will probably come in around 0.7070 next week. Above 0.7270 and I’ll stand aside to reassess. If we get below the trendline, I’ll get aggressive.

Fortunately there are other charts that are far more exciting than NZDUSD is right now. You can see my analysis on those by watching the video report.

Finally, the price of Forex Useful Pro Membership is going up at the end of the month from £247 to £295 – so if you’re interested in joining us in Pro Membership, sign up before 31st October 2016 here.

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If you have any questions or comments, leave them below and I'll get back to you as quick as I can!

All the best,

Nigel

DISCLAIMER & COPYRIGHT

This update is based on my analysis on my charting package. It may differ to yours as it can be affected by time, market movements, charting packages and broker prices. I accept no liability for loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on any information in this report or analysis.