Good NZD Short Opportunity!

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
112 0 2

FX:NZDUSD             seems to be completing its run up from the lows near 0.6350, and is forming a typical exhaustion Head and Shoulders Pattern, with a neckline near the uptrending trendline support near the 0.7120 region.

Trade Idea : Short FX:NZDUSD             at 0.7100-0.7120 levels with a target price in the region of 0.6800-0.6820 region, for a >4% return.

Rationale :
  • Completion of H&S Pattern as detailed above, comes in at 0.6800
  • As seen in the chart, this is also the 0.5% retracement of the recent move from 0.6350 to the recent highs of 0.7300
  • This is also near the longer term trendline support which comes in at the 0.6815 region.

Trade active: Trade entered at 0.7106 right now.
Trade active: Pattern invalidated...looking to exit trade at cost of 0.7206
(Left a limit order to close at cost)
While I remain bearish on NZD, The trading pattern has been invalidated, and hence am exiting the position
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