NZDUSD optimized for a short entry

I don’t usually post intra-day trades, but this is one that just caught my eye at this very moment. The NZDUSD sold off earlier this month, but it does not appear the trend is over. There are no more potential demand zones in the near future on the longer term time frames. The non-commercial COT report shorts sit at 12,758, while longs at 10,941. This is just one more reason to go short.

Support Turned Resistance Swing Trading
Support Turned Resistance Swing Trading

More specifically, this chart shows a support turned resistance level for a good intradayswing trading entry actually. While this is a 5 minute chart, the set up is optimized in the sense of stop loss placement. This will cut losses short above this resistance level. Since this trade is with the trend, potential profits can really just ride the next wave.

 

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