Strategy: Short at 0.7042, Targeting 0.6844
Weekly Profit / Loss: -107 pips
Total Profit / Loss: -113 pips
We sold NZDUSD at 0.7042. Prices remain in a familiar range but are now testing uncomfortably close to our stop-loss level. Still, strictly speaking, exit conditions have not been met as we not seen a daily close above 0.7150 and we will stick with our original trade parameters and remain short. The overall setup remains bearish with nothing about current positioning suggesting that the breakdown from the Rising Wedge in early August has been negated as yet. Near-term resistance lines up at 0.7173, the 50% Fibonacci retracement of the 7/27-8/25 decline.
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