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NZDUSD: Stay Short as Prices Clear 0.73

NZDUSD: Stay Short as Prices Clear 0.73

2011-03-15 13:40:00
Ilya Spivak, Sr. Currency Strategist
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I sold NZDUSD at 0.7516 as prices took out rising trend line support established from the lows in June 2010. The subsequent selloff has met my initial soft target at 0.7362 and I have now moved my stop-loss to the break-even point. A strong correlation between NZDUSD and the MSCI World Stock index points to continued losses amid increasingly widespread risk aversion. I will look for confirmation on a daily close below 0.7322 to trail my stop lower to lock in a portion of floating profits and revise my soft target toward 0.7160.

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