The news out cited that the bond auction demand is strong that led to US dollar corrections as the reason in tonight's move.
Technical reasons on short NZD/USD:
1. The daily chart shown above shows that the price action hits the upper bound of uptrend flag patterns (parallel to USD/CAD)
2. The 200 SMA also acts as resistance cluster of NZD/USD.
Trade ideas:
Entry at market price
S/L: 0.7090
T/P: 0.6950
Note that if the current price does not apply to your risk reward ratio, you guys can re-entry at better price when the market corrects.
Technical reasons on short NZD/USD:
1. The daily chart shown above shows that the price action hits the upper bound of uptrend flag patterns (parallel to USD/CAD)
2. The 200 SMA also acts as resistance cluster of NZD/USD.
Trade ideas:
Entry at market price
S/L: 0.7090
T/P: 0.6950
Note that if the current price does not apply to your risk reward ratio, you guys can re-entry at better price when the market corrects.
