A lot of potential swings in the NZD/USD. Anyone playing this pair now?
A large, down-trending channel in the 1/2/4hr charts left alot of room to play potential 50 and 100 point swings.
I find that the downward trend plus:
-I'm a USD Bull. I see a reverse of this dollar downtrend
-I expect the Dollar and CHF to become the safety currency with whats going to happen in Japan and North Africa
-Theres really no big news out right now for this pair minus our unchanging rates
-NZD hit huge due to risk aversion
I entered yesterday at .7390 hoping to catch a ride to .7300. Set the stop @ .7465
Its still playing in that channel, see what you guys think. I'm hoping to catch a retrace to the ~.7350 area to push for a run to .7200.
I'd post the graph but I'm new. The channel is easy to spot on the hourly charts