daytradersfx
Short

Below this level something big could happen

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
0.7500 area (give or take a few pips) could be a much more important level than anyone is noticing. NZD has been rallying non stop and gain against most pairs... WELLLL most NZD pairs are showing levels of overextension for NZD strength. EURNZD             already made a nice move towards NZD weakness, NZDCAD             , NZDCHF             , NZDJPY             and others are starting to smell bearish .

So that being the case, I'm watching NZDUSD             for a few reasons, let me elaborate:

1. 0.7500 is the 50% fib from that big double top high that happened in early 2014 to the low of 2015.
2. NZDUSD             has failed to make a new low since that one test a year ago at .6200 (currencies like the yearly trend)
3. we're at the stop of a nice multi-month channel showing good signs of failure (50% fib coincides with channel top)
4. because I want to sell the shiz out of it already!!
5. because I said so!

If 7500 holds i'm looking for shorter term trend line confirmation to start shorting, no guess work here we're looking for a break out.

.7200 looks like a good near term target.
Trade active: This trade is moving along nicely, I ended up shorting this pair against .7500, I added as the trend line broke, if you're not already in this trade look for a retest of that short term trend line and try to get short at/around 7300-7350 area.

I'm still targeting the bottom of the channel, at this point 7150 looks like a good profit target. Start looking to move stops into profit on earlier entries.
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