The NZD/USD has been bumping up against some pretty stiff resistance in the .6700 area for the past couple weeks. The level is the .618 retracement of the entire downmove in the pair in 06. We're going to look to get short on the pair as follows:
Sell NZD/USD at .6655 and again at .6690. Stops above the .6720 level. Our targets will be .6600 for half our position and .6550 for the remaining half. We'll move our stop to our entry point after the first target has hit.
This one may take a little time to play out in either direction. The data calendar is a little light this week ahead of the US holdiay.
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