Wednesday, November 4, 2009

NZDUSD (0.7185)

NZDUSD is looking to break below 0.7100 level but a strong support has
caused NZDUSD to rise twice. We might see another test of 0.7100 level
soon and this time NZDUSD might take a break below that level. The
next target for NZDUSD will be then an important 0.7000 level.

Traders will look to sell NZDUSD for anything above 0.7200 level for
target around 0.7100 level.

Recommended Trade:

Entry 1: Sell NZDUSD @ 0.7200
Entry 2: Sell NZDUSD @ 0.7310
Stop: 0.7350
Profit 1: 0.7100
Profit 2: 0.7000