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NZDUSD: Profit Target Revised Below 0.72

NZDUSD: Profit Target Revised Below 0.72

2011-03-16 03:37:00
Ilya Spivak, Sr. Currency Strategist
Share:

Strategy: Short at 0.7516, Targeting 0.7171

Floating Profit/Loss: +200 pips

We sold NZDUSD at 0.7516. As we suspected last week, prices bounced higher from rising channel support but have since reversed lower once again, closing below our soft target at 0.7344. We will now trail our stop lower to be triggered on a daily close above 0.7457 and establish an updated soft target at 0.7171.

NZDUSD_Profit_Target_Revised_Below_0.72_body_03152011_NZD.png, NZDUSD: Profit Target Revised Below 0.72

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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