200 hour MA/50% retracement trade
The RBNZ cut rates, said more cuts are expected and that the currency was too high. The NZDUSD tumbled and then stalled. The price then shot up in the London / Europe morning session.
Sometimes the markets just like to take their ounce of flesh. Markets still remain nervous and choppy in the first post-summer week.
Regardless, the move higher did stall at the 200 hour MA and 50% retracement area on the correction, and that reminded me of a video I did a while ago about a trade I like to look for. It is based on the 50%/200 bar MA rule. That rule was in effect on the corrective move higher.
Here is that trading education video.....
If you are into watching education video, you can also watch my latest on the "wonky" markets.
PS the USDCAD remains in a wonky market....but ranges are getting even more narrow.
