NZDUSD has carved out a Head and Shoulders pattern which makes it seem like a good short position. However I think we should wait for confirmation before entering the market. US unemployment claims and Jackson Hole may determine the direction for dollar so it is best not to enter at the moment. Upon entry the stop loss can be placed just above the 38.2 Fib Level to ensure volatility swings does not trigger it and our profit taking levels should be as 30% on the first 61.8 Fib level and 70% of position on the potential 78.6 Fib level. Stop loss should then be moved to break even and then after the first TP, a trailing stop of 10 points should be added.
So here is my analysis, leave comments on what you guys think?
So here is my analysis, leave comments on what you guys think?