Forex Trade – Buying AUD/USD and NZD/USD – 10/8/2015

Forex Trade – Buying AUD/USD and NZD/USD – 10/8/2015

This post is bit late because we are already long both pairs and mentioned the trade with our clients and Forex trader course participants.  Now what we are looking for is to add to the existing position after taking partial profits yesterday ( Both Trades with 100 + pips, which is equivalent to $2000 with standard lot, in just two days. Not bad 😉 ). Obviously both Australian Dollar and New Zealand Dollar have recent history of serial disappointment for the bulls. They rise for day or two just to work up bulls and eventually give up all the gains and more in subsequent sessions to go lower. But this time because of likelihood of Fed on pause, has added optimism and if same sentiment continues regarding Fed then there is still more room for both pairs to rise.  Best entry points we are looking for are 0.7140 – 0.7150 for AUD/USD and 0.6550 for NZD/USD.  Of course we need to monitor the developments closely because still fickleness persists and USD bulls can come roaring back pushing AUD all the way back to 0.7100 and NZD/USD to 0.6500. That move won’t change the bullish bias still but rather give better entry point for the quick trade.

Follow us on Twitter @Bombay_Bulls for trade updates.

AUDUSD_30min_Chart_Oct_8_2015

AUDUSD_30min_Chart_Oct_8_2015

 

NZDUSD_30min_Chart_Oct_8_2015

NZDUSD_30min_Chart_Oct_8_2015