Good NZD Short Opportunity!

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
111 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
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out