[B]My picks:[/B] Range Trade NZD/USD
[B]Expertise:[/B] Fundamentals and Technicals
[B]Average Time Frame of Trades:[/B] 2 - 10 Days
The NZD/USD slipped to an intraday low of 0.5861 during the previous trading session and triggered the short entry I placed at 0.5869 last week, and the bounce that followed reached my stop at 0.5925, which closed my trade with a net loss of nearly 55bp. Despite the loss, the turnaround in the kiwi-dollar paired with expectations for a 25bp rate cut by the RBNZ should lead the pair to retrace the advance from earlier this month, and as a result, I have placed another short-entry at 0.5839, the 200-Day SMA, and will target the 50-Day SMA at 0.5668, with my stop at 0.5925.
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