Short NZDUSD at key range resistance

Short NZDUSD at 50% retracement of June 27 shooting star / pin bar. Reason for trade:

• Price at key range resistance
  
• False break of channel resistance
  
• Shooting star / pin bar price action formation
  
• USD oversold given Fed hawkish tone and NZD overbought given RBNZ dovish tone
  
• Therefore USD at good discounted value
  
• 1:2 Risk/Reward potential
  

Trade active

Comment:

Entered short at market 0.73103 on 2017/06/28
Stop loss set at 0.7362 (51.7 pips)
1st Profit Target set at 0.7194 (116 pips)

Comment:

pbs.twimg.com/m...DEKfPc1XkAAg4Vt?format=jpg...

Net long NZDUSD futures interest (COT) at 4 year high. Further support of an extreme and possible turn lower.

Comment:

2nd Profit Target set at 0.7145 @32.8% Fib retracement level of May 11 low and June 30 high

Trade closed: stop reached:

1R stop loss hit