I have placed an order for a break of the lower rising trend line at 0.6580 (10 pips below today's low of 0.6590) in anticipation that the NZD may weaken further against the USD. I am cautious to enter the trade early as the NFP tomorrow will dictate whether we have a break or bounce off. I am trying a new strategy to enter on the break and if price retraces back above the trend line I can close out with hopefully only a small loss thus reducing my risk and increasing potential reward.
Trade active:
@ 0.6579
Trade closed manually:
Trade closed with a margin call @ 0.6531