FX:NZDUSD   New Zealand Dollar / U.S. Dollar
36 0 1
NZD has surged north particularly over the last 4 hours and hit an area of resistance but now the BULLS look exhausted and as the RSI looks to move south from overbought on H1, a SHORT trade here with a hard STOP above the high at .6730 looks favourite.

Adding to this analysis is the formation of 3 indecision candles in the last 3 hours.

Target for this trade is the 200 sma at .6637 giving a risk/reward of 8.14 but with so much NZD strength across the board, the BULLS may be resting in order for another push north so this trade needs to get to break even as soon as possible and any profit locked in.
Trade active: SHORT from .6716 STOP at .6730. Target - open
Trade active: STOP moved to .6711 - todays open. Target initially 200 sma on H1 at .6640 (area) and through there .6580 area (200 sma on D1)
Trade active: Had to adjust the STOP on this trade by a few pips as NZD pulled back.
STOP is now .6715
Trade active: .6658 now so +58. I've moved the STOP down to .6693 just above WR1 pivot. .6641 is the initial target which is the 200 sma on H1.
Trade active: Price has effortlessly moved through the 200 sma on H1 and the next area of interest is WS1 and Monthly double Pivot at .6551.

Now +109 for this trade with a STOP above the 200 at .6638 for +78.

.6582 is the 200 sma on DTF so we may meet some support there.
Trade closed manually: Decided to close this trade at .6602 for +109 pips. I think we're still heaed lower but we haven't moved down much in the last 4 hours and there is a potential support line coming in here. Ideally we'll see a move back to the H1 200 sma where I'll look to SHORT again.
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