Sforex

Kiwi: Short term squeeze is understandable

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
170 0 1
We see that Kiwi is under suffer cause of the rate cut decision of RBNZ, and they said that they could cut more if necessary. This means Kiwi could return downtrend anytime, while the long position of USD is not dead, there still has more room for greenback to go up.

However, NZDUSD             have had a long time in oversell zone, and a short term squeeze is undersrandable.

The question is where we re-enter the SELL.

Look at on the chart:

23% Fib retracement is at 0.7025

RSI indicator: Resistance is at 46.32

Stoch indicator: Resistance is a 45.2

When I see NZDUSD             retraces to 0.7025 and RSI + Stoch test their resistance, I will come back the SELL.

I will place a SELL limit order of NZDUSD             at 0.7025 , take profit 0.6800, stop loss at 0.7180

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