For the purpose of our trade of the week, I chose to go with the NZD/CAD. The move looks so overdone. I will be taking a short trade at the market rate on the open of this week, assuming there is not a huge gap. Market closed at .9442 on Friday so I will look to get short in the same area. A gap higher would be a blessing, as it would allow me to get in at a better price.
Stops will be placed above the March 23 2015 high of .9619. I will give it a little room and place at .9635. First take profit is at .9194 with the second at .8962. Obviously the big underlying factor here is oil . If oil bounces then this trade will follow suit but ultimately if oil tanks, then it move the trade against us. See the trade below.
Stop= .9635 = 177
TP1= .9194 = 248
TP2= .8962 = 480