NZDUSD: Objective almost met, close shorts ahead of NFP
In our previous technical comments on the NZDUSD pair, which we started on April 30, we said “NZDUSD preparing for further backwardation” while it was valued at 0.7605.
The pair has achieved the awaited breakout when our discussed how “Sell stop position in play”.
The pair has placed 0.7420 –our soft target- to be the low of today’s trading; therefore, we have closed our short position.
For our followers who still keep the position from 0.7550 , we recommend closing it ahead of awaited NFP fluctuation.
However, we can re-enter the market selling the NZDUSD pair with a sustained breakout below 0.7380 regions with 100 pips stop loss at 0.7480 to ensure at least 30 pips the 130.00 pips profit we made in our accurate setup.