Pair: NZD/USD
Timeframe: 1-hour
Chart:
Trade Rationale:
I expect today’s NFP to be a volatile event but overall dollar bullish. The actual figures will probably surprise to the upside since it’s campaign period in the US. I’m bearish on the Kiwi because their growth has been below forecast lately.
There’s a potential retracement on the 1-hour chart to the 61.8% Fib which is in line with former support. I’ll short around .8275 with a stop at .8325. I’ll be aiming for the recent lows around .8175.
Entry: .8275
Stop loss: .8235
Target: .8175
Reward-to-risk ratio: 2-to-1