Like everyone else I am looking to short the NZDUSD. I did it three times since it touched the trendline last week, and expecting it to fall like a stone but it didn't. I looked at the monthly and weekly charts, and found the current month and last few weeks are all up. Based on the above information and the current daily chart, I will wait on the sideline for now, and wait for the FOMC on Wednesday, and if needed the NFP on Friday to see if the downtrend is valid. Should price break above, I will wait longer (or skipping this pair for awhile) as there are immediate resistance zones above.
Kommentera:
I expect today's close will break the trend today. Now it is upto FOMC to make a false break, otherwise the short idea is over.