FOREXEL
Short

NZDCAD - Tricky trade.. possible trend reversal or correction..

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
52 0 9
This is one tricky pair that challenge my trading skills big time right now. This since it is not often one gets a really good price to enter a trade for a long haul (at least not for me)

I wish I would have caugth this one earlier in the year when the Kiwi was at its peak. and it would have been a done deal to sell. But now... well if the Loonie breaks the current support then there is a hundred or so pips to be gained until the next area of support. If it manage to break that one then whoppa we now have around 350 or so odd pips in sigth. It is however not until it breaks the 0.84 handle that one could say that we really look at a trend reversal and now we talk business!

The other side of the coin though is that what if what we see is just a correction and it will continue to climb.. the ongoing currency war is not helping my decision making process either. Oh well - no guts no glory I will short this sucker if it breaks and stays below 0.8765-ish handle and time will tell if I made the right decision or not
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