FOREX Trade Alert for NZD/USD | Buy Signal

FOREX Trade Alert for Symbol NZD/USD.

FOREX Trade Alert for Friday Jul 02, 2010.

On Jul-01-2010 a candlestick formation confirmed a buy signal. 4xGenie Action: ==> Maintain long position. Stop at 0.6794. Wave 3 could rise up to 0.7392 or to 0.7619. NOTE: The width of the Bollinger Bands has started to narrow which indicates that prices are beginning to consolidate.

Next Day Trading Ranges for Friday Jul 02, 2010.

The 20 day moving average of the daily trading range is 114 Pips and the 60 day moving average of the daily trading range is 118 Pips. This shows that volatility has decreased in the short term. The percentage of updays when the open/low ratio is less than 25% is 61.54 percent. This means that if this currency pair NZD/USD does not drop more than 28 Pips from the opening price then there is a 61.54 percent chance that this will be an upday.

The [R3] or the most extreme high trading range is 0.7038.

The [R2] or the extreme high trading range is 0.6996.

The [R1] or the high trading range is 0.6976.

The [P] or pivot point is 0.6934.

The [S1] or the low trading range is 0.6914.

The [S2] or the extreme low trading range is 0.6872.

The [S3] or the most extreme low trading range is 0.6852.

Next Day Alternate Stops for Friday Jul 02, 2010.

The red line to the right on your chart is an extreme support or resistence level for the next trading day.

A good alternative stop is one which is placed just beyond this extreme support/resistance level.

In this particular case if the price drops below 0.6872 then that would show momentum against 4xGenie‘s long position and that would be a break out to the downside.

Please Note: These support/resistance levels are calculated by using the previous day’s trading range. Normal volatility may cause a breakout of this value once every 4 or 5 days when prices consolidate.