FX:NZDUSD seems to be completing its run up from the lows near 0.6350, and is forming a typical exhaustion Pattern, with a neckline near the uptrending 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.
- Completion of 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 support which comes in at the 0.6815 region.
(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