FX:EURNZD Euro Fx/New Zealand Dollar
NZD hasn't been kind to me of late, as I've lost on four consecutive NZD trades I've placed. But when I see an opportunity I think is legitimate, I feel compelled to go for it. Yesterday's showed lots of long wicks on NZD, often occurring at a previously established resistance level or a key . WIth that in mind, I decided to short EURNZD , where I thought the downtrend was especially clear and likely to continue in light of price action the Euro is showing relative to other . I'm short EURNZD at a minor resistance level of 5821, with my stop at 5921 and my target profit of 5403. This gives me a reward/risk of 4. The trade is very similar to a previous EURNZD trade I put on; I simply re-calibrated the entry and stop loss levels a bit based on recent price action.