There are a couple of opportunities tonight, both involving the NZD….
Obviously as both pairs involve the NZD, if both trades are taken then effectively we are doubling the risk amount. It can be a good idea in a situation like this to reduce the risk amount per point on each trade in order to control to an acceptable level any potential losses.
The first pair is the EUR/NZD
The EUR/NZD is currently in a downtrend, however a nice protruding bullish (counter-trend) pin bar has formed today on the daily chart. Normally it is not a good idea to trade against a strong trend, but fine looking Pin bars like this one can often lead to a short term reversal (see USD/JPY recent post). If we apply the Fibonacci tool to this daily chart, we can see that if this is a pull back, a sensible target would be in the 1.4750 area, just below the last lower low and well below the Fib .50 – .618 zone where we would expect price to pull back to.
Note: If this Pin bar was buried within the surrounding price action, I would not be looking at this for a potential trade.
The next pair is the NZD/CHF
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See Daily chart below:
As always, make your own trading decisions and the very best of luck.
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