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Short NZD/USD from 0.8400

Short NZD/USD from 0.8400

Joel Kruger, Technical Strategist

On Wedesday we took advantage of an overdone intraday rally and sold the market at 0.8400 with technical studies also tracking in overbought territory and warning of a pullback. So far the trade has shown decent follow through and we have already gone ahead and moved our stop to break-even to eliminate all risk. From here, we look for a bearish close on Thursday to help confirm bias and acceelrate gains further towards 0.8000 over the coming days.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.