Forex Trading: Still Short NZDUSD
The stop on NZDUSD shorts from yesterday has been moved to breakeven (8446). Support may come in at 8375 but I prefer to simply move the stop down as long as the position works.
My interest is piqued in the NZDJPY at the moment. The pattern in recent months is strikingly similar to an AUDJPY pattern from 2006 that resulted in a December plunge.
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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Jamie is the author of Sentiment in the Forex Market.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.