Looking to take a long on NZDUSD and hold it for possibly longer than a week given the time of year and the distance it has to travel.
I will look to take something off of my position with 20 pips in profit and let the rest of the position run.
Stop-loss will be moved the breakeven once 50 pips in profit.
There is a chance...
Looking to see if we can get another opportunity to enter in at 0.70670. I am expecting price to trade up into 0.71096.
The stop loss is placed at 0.70383
This will be a decent retracement from the current downtrend. It will be interesting to see what happened once we get above those relatively 3 equal highs.
Our preference: short position below 0.6915 with targets at 0.6870 & 0.6850 in extension.
Alternative scenario: in excess of 0.6915, aim for a continuation of the increase with 0.6950 & 0.6970 in the line of fire.
Comment: as long as 0.6915 is resistance, trading range with a bearish bias.