/6N oppportunity to hop on the trend lower
The New Zealand Dollar has had a bounce recently, but has the opportunity to come into a shortable opportunity along the horizontal resistance around 0.808. The target would be for some retracement of the recent bullish activity. Keep the strength of any move in mind.
The stop needs to be rather loose due to further resistance not too far away above. The last thing you want is to simply have a long upper wick from a love tap to that upper resistance around 0.81 just to have it fall to your target.
Volume to the upside was rather climatic today and cannot be sustained. There was a lot of excess today at the high's. There's a good chance this means the trade may not get hit at all and the retracement will be immediate.
The stop needs to be rather loose due to further resistance not too far away above. The last thing you want is to simply have a long upper wick from a love tap to that upper resistance around 0.81 just to have it fall to your target.
Volume to the upside was rather climatic today and cannot be sustained. There was a lot of excess today at the high's. There's a good chance this means the trade may not get hit at all and the retracement will be immediate.
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