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Remain Short NZDUSD (Stop to Break-Even)

Remain Short NZDUSD (Stop to Break-Even)

2011-02-17 13:48:00
Michael Wright, Currency Analyst
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The NZDUSD extended yesterday’s advance to reach an intraday high of 0.7544. As upside risks remain capped by the 100-day SMA, I will remain short from 0.7580 with a stop at break-even. Going forward, I will look to take off 2/3rd’s of my position at 0.7451, which coincides with the 38.2 percent Fibonacci retracement on the 5/25 to 11/5 upswing. Thereafter, I will take the last 1/3rd off around the 0.74 area (slightly above the 200-day SMA). Currency traders will now shift their focus to the U.S. inflation report for the month of January. As of late, economists’ are expecting consumer prices in the world’s largest economy to rise an annualized 1.6 percent.

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