UPDATED NZDUSD Sell Levels: 0.8725, 0.8740 & 0.8840

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
189 6 1
Daily: We're near the top of the upward channel, 0.8725 is the level to watch.
Weekly: Two scenarios - upward channel or wedge . Difference between them is 100 pips, wedge puts us at 0.8740 and upward channel puts us at 0.8840, which is also 2011 high.
The 4th chart with the fib levels is just a filler, no real significance other than showing that price broke above 88.6% fib.

Short term, price is near exhaustion, especially since price is struggling to break 0.8700. So it wouldn't be out of the question to get a pullback/retrace. First target would be the lower trend line around mid 0.85XX. Below that, support levels are 0.850X, 0.844X, 0.840X and 0.838X.

Long term, price can still go up another 150 pips from here (possibly). However, long term target is down at 0.80/0.79, so the risk/reward is quite high depending on when you load your position.

Disclosure: I've already filled 50% of my short position with an average price of 0.8755.
Short term swing long scenario:
Hi, NZDUSD is back on my watchlist. Again looking for another opportunity to go long.
ForexWeeklyAnalysis ForceFollower
On my personal account (FxPro), I'm hedging my shorts with longs but tracking account is just holding shorts since it can't hedge (Oanda).
ForceFollower ForexWeeklyAnalysis
A clever idea. I used to try that in Oanda too, on two separate accounts. But there was too much work to do with it and I didn't get deep enough into it, sometimes wide spreads made me lose both ways, so I finally gave up.
ForexWeeklyAnalysis ForceFollower
Yea, the FIFO ruling prevents North American brokers from hedging within the same account. It's kind of tedious to hedge with multiple accounts though, it's doable if you use multi-client MT4 terminal but with a single client platform, it's annoying to log in and out of each account.
ForexWeeklyAnalysis ForexWeeklyAnalysis
See as how I can't hedge on the tracking account, I decided to exit for a small gain. I'll hold back on loading shorts until it gets to a more attractive price (hell, I may even go long now). Personal account is up quite a bit but I have exited the majority of my position there as well, only holding 20% of my short position from 0.8690.
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