A few days back I wrote about the New Zealand Dollar, I was waiting for the market to break either side of the short term trading range, and that it would define the market condition and the direction to trade. Well, the NZDUSD broke the main short term support level, creating a bearish market condition. Please take a look at the next chart.
The short term range I’m talking about is between those two green lines. It broke the one in the bottom, so, right now we are looking for short trading opportunities in this currency pair.
Here is my trading plan:
As long as the market keeps trading below 0.6536, I will be looking for short trading opportunities targeting 0.6242.
All long opportunities are out of play.