NZD/USD short idea

NZD/USD is currently stalling at the .50 fib retracement level despite dollar weakness. This area is confluent with shorter term resistance. We will be watching price action on lower time frames for short entries, and also adding to the position on a break of the 1hr counter trendline. There is some data/key speakers that could give this a push, with Fed Chair Yellen and US President-elect Trump to speak this week as well as US JOLTs Job Openings data today and US Retail Sales and PPI data on Friday. First targets for shorts is 0.6850, second at 0.6750.

Ordre annulé:

Trade idea invalidated as prices broke above the resistance and out of the descending trendline