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NZDUSD: Short Triggered on Trend Line Break

NZDUSD: Short Triggered on Trend Line Break

2011-02-28 04:23:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Short at 0.7516, Targeting 0.7362

NZDUSD validated the bearish setup we identified last week, breaking through rising trend line support established from the lows in June 2010. We sold the pair shortly after the weekly open at 0.7516, targeting an initial decline to 0.7362. A stop-loss will be activated on a daily close above the 0.76 figure. Initial resistance lines up at a falling trend line connecting swing highs since the beginning of the month, now at 0.7587.

NZDUSD_Short_Triggered_on_Trend_Line_Break_body_02282011_NZD.png, NZDUSD: Short Triggered on Trend Line Break

To discuss these strategies with other traders, please visit the Candlestick Forum

To receive future articles by email, please contact Ilya at ispivak@dailyfx.com

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