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Forex Trade Signals and Setups Mar. 7th
EURJPY Update – Pinbar Long Hit Target
A recap of our Pinbar long from yesterday as it finally hit its target locking in a nice 110pips of profit with less than a 30pip stop for an almost 4:1 play. It actually hit our 106.90 target to the pip and was quite a stubborn one which is not surprising as all EURO based positions were being pared throughout the NY session with the upcoming ECB rate decision tomorrow and ongoing issues with the Greek Bond Swap deal.
Price did get a surge when the Fed announced they are considering a sterilized QE (meaning they do not expand their balance sheets) as the stock markets, precious metals all gained on this announcement. For now, we are standing aside as the ECB rate decision looms so will hold on all EUR based positions until after the announcement.
NZDUSD – Forms Inside Bar After Strong Impulsive Move
After three days of strong selling, the Kiwi took a pause and actually made some gains on the day. We suspect this was likely due to position paring ahead of the RBNZ rate decision whereby they said rates will be on hold for a while since the strong Kiwi has affected exports and tourism, thus hurting the economy.
The pair was gaining for the day, but on the announcement started to sell-off losing almost 50pips from that moment to current price. We like selling any rallies up to the .8250 level which is the daily 20ema with a move back down to .8100. We are also noting the inside bar from yesterday’s price action and would be open to selling on a break of the prior low just below .8100. Overall sentiment is bearish so until price prints and holds above .8250, we will remain bearish and look for price action triggers to sell for an eventual move to .8000 and eventually .7900.
BOE Rate Decision 12.00 GMT
ECB Rate Decision 12.45 GMT
RBC Rate Decision 14.00 GMT
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