Our short call for NZD/USD (link below) has reached TP1, we recommend holding as further downside likely.
The pair has retreated from strong trendline resistance at 0.6781 in Friday's trade as the greenback is seen garnering some strength as we head into FOMC later in the week.
10 DMA support at 0.6691 is holding for now, the pair has edged higher to retake the 0.67 handle, is currently trading at 0.6721.
Immediate support is seen at 0.6691 (10 DMA & session low) and then at 0.6680 (Daily Tenkan), breaks below could expose 0.6650 (38.2% Fib of Nov/Dec rally).
I find myself much more comfortable with your original TP2 (0.6680), or maybe 0.665 (my preference - although it may be not go that far), but reaching 0.6580 is less probable from where I stand.
My personal preference would be to wait for 0.665 and take a long up to 0.68
In any case, I salute you, my friend, for your (very) insightful ideas.
My personal preference would be to wait for 0.665 and take a long up to 0.68
In any case, I salute you, my friend, for your (very) insightful ideas.