FOREXCOM:NZDUSD   New Zealand Dollar / U.S. Dollar
Last week we saw price make a move to the upside until the last couple of days were it broke out of the channel and price started to go down. Since then it has hit a support level where it has been respected. If price falls below this support level and retests and fails to break above the support level then I will be looking at getting into a short position at 0.72080 and holding it until 0.71643 the previous support level . This will be a RR of 3. If price respects this support level and starts to make a move to the upside then after a retest around 0.72802 I will be looking at getting long in the market and holding until 0.73524 for a RR of 4.

Let me know what you guys think and please do your own analysis before placing a trade.

Good Luck

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