NZDUSD: More Downside?!

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
Hi Traders,

Doing my pre-week analysis and came across and interesting trend continuation setup on Kiwi.

After moving within an ascending channel for the past two weeks, this pair has broken to the downside and printed new monthly lows. Trend continuation traders may find an opportunity to short this pair on a retest of the breakout. I have marked the sell zone in red on the chart. I would be looking to enter short in the 38.2% - 61.8% Fibonacci retracement zone, and targeting the 127.2% - 161.8% Fibonacci extension for profits. Stops would be placed ~50 pips above entry, ideally above 0.73350 (channel midpoint).

We may not get any pullback to this level, and in that case I would not pursue the trade with aggressive (lower) entries. Let the market come to you and don't chase price!

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