Breakout setups as U.S. Dollar long positions exits – trade setup for NZDUSD

Italian referendum sell-off considered exaggerated as Euro recovers through New York session. U.S. Dollar currently experiencing further weakness as shorting continues beyond initial voting longs.

screenshot-at-dec-05-21-48-08
NZDUSD 1-Hour

Over on the NZDUSD pair, the U.S. Dollar returned its initial gains. Any rally above the 0.7150~ price level represents fresh long entries. Current long entry targets a 2.6 reward to risk ratio with take profit just under the next possible 4-hour supply zone.

screenshot-at-dec-05-21-59-26
NZDUSD 4-Hour

Take profit sits just under this 4-hour timeframe at the 0.7212~ price level. This breakout may signal further close-outs of U.S. Dollar long positions driving this rally higher.

Advertisements

A Pip For Your Thought?

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s