Decided to close my long-term NZD/CAD long as the pair retests a seemingly unbreakable psychological level. Here’s a quick forex trade review.
Original Forex Trade Idea: Long-Term Long on NZD/CAD
Since hopping into this trade in early October, NZD/CAD has made several attempts to rally higher only to find very, very tough resistance at .9000, turning back the bulls every time. Now that NZD/CAD is back, I decided to close manually at .9000 to lock in profits.
Total: +215 pips/ +0.71% gain
I still like NZD/CAD long, mainly for the interest rate carry, but until .9000 breaks, I might as well start playing the range game of buying at the bottom of the range and then selling at the top. So, I’ll be on the look out for another retest of .8750 to jump in long, and if I finally get that .9000 break, I’ll be on the look out for resistance-turned-support behavior before jumping back in long. Until then, I’ll be watching my fresh USD/CHF long and looking for new short-term opportunities to play as we head into the year’s end. Stay tuned!