NZDUSD: Profits Booked, New Short Entry Sought
I initially sold NZDUSD at 0.7516. The position was closed with a small gain as prices closed above our revised stop-loss at 0.7454. Prices are now testing familiar support-turned-resistance at 0.7520, with a break higher clearing the way above the 0.76 figure. The overall bearish setup identified a month ago still intact, and we will look for opportunities to re-enter short as the current upswing runs out of steam. Near-term support lines up at 0.7436.
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