Tuesday, January 15, 2013

NZD / USD: 15.01.13 13:06hrs

NZD / USD:

This pair has a significant Resistance level at 0.8470.
Price has come away from this level 3 times and it has not been broken for over a year.

Chart below:

 

 
On the medium term charts price has begun to make lower lows and lower highs.
 
I am looking for a short trade.
 
Chart below:
 
 

 
Price has made a short term double top (Green Line)
 
Price has now broken through support (Red Line)
 
I have two orders to short NZD / USD as shown below
 
Levels and chart below
 
1st Entry: 0.8395
2nd Entry: 0.8405
 
Averaged Entry: 0.8400
 
Stop Loss: 0.8425
 
Target: 0.8275 (5%)
 
 
I will update again if the trade is triggered
 
Regards
 
 

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