Strategy: Short at 0.7042, Targeting 0.6844
Weekly Profit / Loss: -6 pips
Total Profit / Loss: -6 pips
We sold NZDUSD at 0.7042 as prices cleared horizontal support at 0.7057 after over a week of consolidation. A shallow recovery has materialized in the near term, with the pair testing resistance at the top of a falling channel set from the top in late July, now at 0.7048. Horizontal resistance at 0.7057 further complicates the case for continued gains. We will remain short, initially targeting 0.6844. A stop-loss will be activated on a daily close above 0.7150.
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