Direct from the desk of Dane Williams.
Once again, NZD/USD has again shown that you don't have to always be first to make money in the forex trading game.
Remember last week when we watched NZD/USD reactivate daily resistance?
Well, click the link and go back to the last time we spoke about the Kiwi on this blog, or take a look at the zone in question on the updated daily chart below.
NZD/USD Daily:
Pretty straightforward zone that price is capped by, showing why we're looking for shorts, yeah?
But as I alluded to in the title of today's analysis, it's the intraday price action on the following Kiwi hourly chart that shows patience does pay when it comes to trading forex.
NZD/USD Hourly:
That intraday zone is still on our chart exactly the same as in last week's NZD/USD blog, but shows we've now had three more touches since.
Three more touches, mean three more chances to get short if you missed your original chance, not to mention three more opportunities to go again if you're taking tight day trades over and over.
I said last time that there's potential here for some excellent risk:reward and a week later that sentiment certainly still applies.
Best of probabilities to you,
Dane.
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