Pick of the Day: NZD/USD

This pair has been in a serious downtrend. Let’s see if we can partake in the pip party! By the arrow I have drawn you can see that the 0.750 fib extension level and the S1 line are lining up nicely. Also, it’s right at the 0.6200 price level. Price levels ending in double zeros are very import because a lot of institutions and traders set buy/sell orders at those prices.

So, with a candle close 10 pips or more below 0.6200 I would go short on NZDUSD. Please set initial stop at 0.6250. First target the S2 line at .6175 line, move stop to break even(take half the position off if you are using multiple lots), and go for the 1.000 fib extension level. Remember to move your stop when the pair breaks through the various support levels on the chart. Good luck and good trading!