Pick of the Day: NZD/USD

We have a pretty good looking chart on NZD/USD tonight. As you can see on the left of the chart, there was a pretty strong move in favor of the US dollar against the New Zealand dollar. I drew a Fibonacci retracement and it looks like the pair retraced back to the 61% fib line and the 200 simple moving average before heading down south again. I am looking for this pair to head further down south later tonight, especially after Bernanke’s hawkish comments, which were made after the euro session close. Here’s a short idea:

Short NZD/USD at 0.6290, stop at 0.6339, pt1 at 0.6275, pt2 at 0.6250

Good luck and good trading!

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