FX:NZDUSD New Zealand Dollar/U.S. Dollar
Kiwi put in a nice tail off the 21 on the Daily time frame. We will keep our stop loss above recent tail/highs and our 1 st target will be recent lows and our 2nd target is a weekly dating back ways. 1st target could be hit this week but not so fast on the 2nd target.
You don't know what the market is going to do, no body knows. We can only predict and take on the higher probability trades. That being said, We are not saying price will go beyond 0.62 for sure...That's why you have to manage your trades. At the 0.62 level, if you don't feel it has more momentum, then get out and take your profits but if not, then you may want to let your winner ride. Just because we set a target, it does not mean it will go there to the exact pip. Hence the saying... plan your trade, trade your plan and most importantly, manage your risk at all times. Taking a signal is not the hard part, managing the trade is what separates a trader who gets 100 pips and the one that lets it ride to get 500 pips. That's why we mentioned Target 1 could be hit within a week or so and Target 2 is more of a long term play if fundamentally and technically the kiwi is weaker in the coming weeks and months. Good Luck