Trade Update: NZD/USD Stops To Break-Even

Last updated 2/25/2010 2:17 PM EST (GMT -5) 2 Comments

FX360 Technical Analyst Staff

Technical Analyst, GFT

Yesterday's NZD/USD buy at .6855 recommendation (see " NZD/USD Buy on Dip to .6850 ") was triggered this morning with prices having now rallied to the first risk management level of .6895 (stops to break-even). Based on intraday price action, there is a short-term bearish Gartley pattern projected to complete near this level meaning more conservative and/or intraday traders may look to take profits near .6920 as a quick pullback wouldn't come as a huge surprise.  If prices are unable to climb beyond .6920, and instead dip below .6855, then we may have another buying opportunity near .6820 based on the secondary point D which gives us a bullish double-bottom Gartley pattern with stops back at .6780. As it stands now, we're in good shape with a risk-free trade looking to .6975 as our next risk managment level (meaning we will either look to take profits and exit position, or adjust stop to lock in profits and look for and extended target perhaps as far north as .7200).

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Comments (2)

MDion

February 25, 2010 at 04:47 PM ET

Roger thanks, i got 55 pips from this trade, i was having a bad day, lost some pips, with your TR i pull some back,

rstojsic

February 26, 2010 at 11:09 AM ET

target has been hit, position closed.

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