Kiwi hedge with the Euro

20 thg 2, 2015

I have a number of NZD longs currently in play (vs CAD and GBP) and this trade is an offset to that somewhat heavy exposure. Opened a long position at trendline support and the .764 fibonacci level @ 1.5035. Daily wick is looking good (currently) at forming a very positive hammer candle.

I'm hoping for a 2-3 week trade into trendline resistance and confluence with the longer term descending channel @ 1.5950.. at which point I would look to initiate shorts once again.