Pending Short NZD/USD in High 0.85XX Region
Wait for price to hit top trend line (around high 0.85XX region) for a possible short.
Conservative take profit target at low 0.84XX region (previously resistance).
Liberal long term take profit target at 0.79XX region (highly doubt this will happen).
Due to not having a certain take profit target, I'd suggest using a trailing stop loss to lock in profits on the way down.
Consider exiting if price closes above the top trend line.
Length of trade is unknown due to uncertain take profit target.
NOTE: This trade is heavily biased on whether or not RBNZ raises the interest rates next week. Markets are pricing in a possible rate increase.
If rates are raised: price may increase a bit but not much since it's already priced in. "Buy the rumour. Sell the news." Price should still drop a bit in the form of a retrace targeting the low 0.84XX region.
If rates aren't raised: expect a big drop.
I opened a new forex account to track the performance for my analysis here on trading view, you can see my entries on NZD/USD here: www.myfxbook.com/mem...eklyanalysis/864999.
Conservative take profit target at low 0.84XX region (previously resistance).
Liberal long term take profit target at 0.79XX region (highly doubt this will happen).
Due to not having a certain take profit target, I'd suggest using a trailing stop loss to lock in profits on the way down.
Consider exiting if price closes above the top trend line.
Length of trade is unknown due to uncertain take profit target.
NOTE: This trade is heavily biased on whether or not RBNZ raises the interest rates next week. Markets are pricing in a possible rate increase.
If rates are raised: price may increase a bit but not much since it's already priced in. "Buy the rumour. Sell the news." Price should still drop a bit in the form of a retrace targeting the low 0.84XX region.
If rates aren't raised: expect a big drop.
I opened a new forex account to track the performance for my analysis here on trading view, you can see my entries on NZD/USD here: www.myfxbook.com/mem...eklyanalysis/864999.