NZDUSD: Waiting for breakout
Last week I wrote about a possible breakout happening in the NZDUSD, it did brake, however it kept ranging in a pretty tight range, a short term range in between 0.6529 and 0.6621. Please take a look at the next chart.
After 6 trading days in that range, now its about time we see some action, and we need to be prepared for that.
Here is my trading plan:
If the market breaks 0.6621 for the upside, I will be looking for long opportunities targeting the next LT resistance level around 0.6913.
If the market breaks 0.6529 for the downside, I will be looking for short opportunities targeting the next LT support level around 0.6242
If the market keeps trading in that little range, I will do nothing.