theselfishtrader

Kiwi - Price in an ideal shorting area but..

Short
FX:NZDUSD   New Zealand Dollar / U.S. Dollar
..I am not feeling confident about this opportunity emerging. Price is trading right up against the outer edge of the resistance zone and the price action suggests a breakout is close. If there is a false break, then things could move very quickly in the opposite direction. I will be watching keenly...
Trade active: I am short from 0.7161. Price overshot the resistance zone as I thought it would, and I am now short in expectation that this is a false break. Lets see what happens...first target would be around 0.7100.
Trade closed manually: Closed +30 as I didn't see any follow through to the downside following the positive ADP news release.