Trade: SELLING NZD/USD
Entry: @ 0.7780
Target: 0.7660 (a retest of a series the November low)
Stop: 0.7840 (a move above a recent pivot level around 0.7835)
Reason: The downside pressure is growing as the US dollar is strengthening and a breach of the support at 0.7764 would re-open the downside.
Trading Update on previous trades:
I have hit my target on my EUR/USD short trade (26/11/2014). This means I have therefore locked in a profit of 173 pips. Although the euro has continued lower for a few pips initially, I am not overly upset about no longer being short. We have got Draghi’s press conference tomorrow and whilst he will try and talk the euro lower, there is also the possibility of there be a short covering rally if the market is disappointed by a lack of action. TRADE NOW CLOSED
I am short of FTSE 100 (28/11/2014) and am hanging on by the skin of my teeth on the position. A high of 6753 today was just under my 6755 stop. I expect that the volatility surrounding Osborne’s Autumn Statement today is likely to stop me out for what would be a 45 point loss.
I have been filled in my SHORT Gold trade (02/12/2014) today at $1205. The position is currently flat.