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By: Adam Stone
October 13th 2014 4:47am GMT, London UK

Today’s Binary Options Trading Strategy:

• Currency Pair: NZDUSD
• Timeframe: H4 (Hourly Chart)
• Binary Option Trading Recommendation: Seek binary call options on dips below 0.7875
• Upside Potential: The upside potential for this binary call option is 290 pips to 0.8165
• Downside Potential: The downside potential for this binary call option is 175 pips to 0.7700

The NZDUSD has moved lower after recording an intra-day high of 0.8229 on September 16th 2014, but after the reversal reached an intra-day low of 0.7707 on September 29th 2014 this currency pair has drifted higher. Each move lower set a higher low which created an ascending support line and the NZDUSD has successfully bounced off of this ascending support line in order to record higher highs. This currency pair is currently moving upwards after its latest bounce of support.

Binary options trading on NZDUSD 2014-10-13

Price action is likely to extend the current bounce higher which is expected to gather momentum in order to successfully breakout above its descending resistance line for more upside potential and a new higher high. Binary options traders can profit from the expected move upward with binary call options. Today’s binary options trading strategy suggests call options to be placed on dips below 0.7875 for a risk/reward ratio of 1.0/1.66.

An increase in volatility should be taken into account as the NZDUSD is currently trapped inside a triangle formation which narrows down inside its horizontal support level. The descending resistance line is expected to exercise downward pressure, but a breakout above this level is likely to accelerate the expected move higher. The ascending support line will continue to exercise upward pressure on the NZDUSD currency pair while the horizontal support level will provide an additional platform for buyers to step in and force a breakout above the descending resistance line.

A successful breakout above the descending resistance line will take the NZDUSD to its intra-day high of 0.7974 which it reached on October 9th 2014 from where the current drift lower developed. The next resistance level awaits this currency pair at the 0.8093 level which is an intra-day high reached on September 24th 2014 from where price action previously reversed. The final resistance level is located at its intra-day high of 0.8229 which it reached on September 16th 2014 from where a double top could force another reversal.

The following economic data out of New Zealand already impacted the the base currency, the New Zealand Dollar, of the NZDUSD currency pair:
House Sales for the month of September:

• Expectations: An annualized contraction of 14.9% was expected for the month of September
• Previous Report’s Data: An annualized contraction of 16.0% was reported in August
• Released Data: An annualized contraction of 12.0% was reported for September
• Impact on the New Zealand Dollar: The lower than expected contraction in house sales helped the New Zealand Dollar gain upward momentum; this favors binary call options in the NZDUSD currency pair

There are no economic reports out of the United Sates which may impact the quote currency, the US Dollar, of the NZDUSD currency pair which will be released during today’s trading session due to the Columbus Day Holiday. This will allow the NZDUSD to take advantage of the upward momentum in the New Zealand Dollar with no counter force which could derail the current move. This favors binary call options in the NZDUSD currency pair.

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Adam Stone
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Adam Stone

As COO of GOptions, my first and foremost goal is to provide traders with the most up to date info from the markets. I have been trading the markets since 2004 and have been involved with stocks, binary options, and forex trading since then. I have had no formal market education and pride myself on a self taught approach to everything related to trading. I try to focus though on both the technical and fundamental aspects related to each trading day and bring forward the most important aspects of risk/reward in the market.
Adam Stone
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