4/12/2015 – Well, that was an interesting week….

dec 2015 NZDUSDWeekly ihs
That was quite a week eh? I shall write something more broad based over the weekend. However I wanted to draw your attention to one specific currency and idea: the NZDUSD. So I wrote a piece a month ago for Finance Magnates on the impact to markets of changes in the China one child policy and how the biggest benefactor maybe the NZDUSD. I included a trade plan and discussed back then whether we were building an inverse head and shoulders pattern. If you didn’t read it then you can do so here:
 
 
In ever-glorious hindsight I probably chose the right theme but the wrong currency as AUDUSD seems to have benefited more from the move so far.
 
However after yesterdays crashing end to the USD trend it would appear that the NZDUSD is moving ok. Interestingly the weekly Inverse H&S is still valid and its just completed one on the daily chart as well. Then one of my ‘trading heros’ Peter Brandt tweeted today that NZDUSD is looking like a nice IH&S set-up. Take a look:
 
Interestingly I talked last night on a webinar I delivered that not only was there an inverse head and shoulders on the weekly NZDUSD but also the Right Shoulder was made up of an Inverse head and shoulder on the daily as well. Take a look at the weekly and the daily charts. What do you think?
dec 2015 NZDUSDDaily ihands
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About FXTraderPaul

A professional Trader and Coach, FXTraderPaul blogs about his adventures from the front-lines of FX Trading. A Trader and educator who can walk the walk as opposed to merely talk the talk!

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