Top trade idea for April 7th, 2016 – NZDUSD
By Mircea Vasiu on Apr 7, 2016 10:42:52 GMT
This NZDUSD pair is anything but bullish and from my point of view bears should try to push it below 0.630 again, hence our target.
The thing is that the corrective move to the upside, or the green a-b-c is a so called flat and most likely it is a simple correction as it is following a zigzag. From this point of view it means it must be confirmed as a simple correction and this implies a sharp move lower.
Not only that we need to move lower, but we have some time constraints for the move as well, namely the first week of June should be the maximum time taken for the pattern to retrace.
Therefore, our recommendation is to stay short with 0.6350 as a target while keeping 0.6970 as a stop loss.
About Mircea Vasiu
Mircea Vasiu has an MBA in International Business from an American University, graduating Magna Cum Laudae. He has been a professional trader for the last 8 years and is involved in various educational projects for different financial companies. He also runs a trading signal for the currency markets at www.capitalpropertiesfx.com.
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