Trade Idea: Selling NZDUSD
Reasoning: Head & Shoulders Top
Entry Level: 0.6311
Take Profit Level: 0.6125
Stop Loss: 0.6363
Risk/Reward: 3.53:1
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New Zealand US short here. New Zealands reports of trade surplus were below expectations and yellen is expected to hype up the rate hike. Beautiful rejection of the daily resistance. Currently in a symmetrical triangle with beautiful rejection wicks. Nice crossover on the daily stoch. RSI showing it is overbought. I'm shorting at 7300.00
Similar fundamental reasons underlie my bearish bias on the Kiwi. The bidirectional monetary policy impacting rate differentials being the most meaningful.
Further, technically, one would expect some material levels within the next handle, as evidenced by my red support line which roughly marks out the neckline of a head and shoulders top. Finally, with the MACD...
