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New NZD/CAD and EUR/GBP Big Trade Orders 03.31.2016
New NZD/CAD Big Trade Order
Place Order to Buy NZD/CAD at 0.8925
Stop at 0.8725
We have been waiting for the opportunity to pick a top in the Canadian dollar and we believe that the time is near. USD/CAD is poised for a test of its October low of 1.2832 and this level should limit losses for the pair because it also marks the highs from early 2015. We have chose to sell CAD against the New Zealand dollar because unlike AUD which faces significant event risks this week and next, New Zealand’s calendar is relatively barren. Also, if we are right about Australian and Chinese PMIs being a bit stronger tonight, the data should help AUD and NZD.
Place Order to Buy EUR/GBP 0.7915
EUR/GBP is strong and its not clear whether it will retrace at all given the divergence between EUR and GBP. However if it does, we want to be buying EUR/GBP at 0.7915.