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NZD/USD Trend Line Retest (February 11, 2014)

NZD/USD recently broke below the ascending trend line on its 4-hour time frame and dipped below the .8100 mark. However, weak data from the US and improved risk sentiment have allowed the pair to pull back to the former support level.

Stochastic is already in the overbought zone and is showing signs of heading lower. If Kiwi bears take control and risk appetite gets weaker, NZD/USD might fall back to its former lows.

140211_nzdusd

 

Shorting at market with a stop above the trend line and a target of .8100 could yield as much as 3:1 return on risk. To protect profits, the stop can be trailed by 50 to 100 pips.

By Kate Curtis from Trader's Way

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Instrument Bid Ask Spread
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Instrument Bid Ask Spread

2023 Martin Luther King Holiday Schedule

Due to the Martin King Holiday on 16 January, 2023, market activity and liquidity may be lower than usual....

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