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I've given this pair a lot of attention today; but NZDUSD is pushing it's a pretty tight range. Considering all the volatility we have had over the past month, the realization that the global economy is heading toward a recession and there is a RBNZ rate decision next week (economists expect a 100bp cut!), there seems a good chance that we can get a breakout.
Since 0.59 is a four-year range low and there is a clear and dominant bear trend, I think any kind of break can redefine the future for this pair.
I put in a range trade at 0.6185 a few hours before the session close. Already took profit on the first lot, and moved the stop on the second lot up to breakeven.
Going to put in orders for a possible breakout later.
Any one else trading NZDUSD? AUDUSD looks much the same...
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John Kicklighter is the author of Dynamic Carry Trade Basket, Watch What The Fed Watches, and Forex Trading Weekly Forecast on DailyFX.com
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