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NZD/USD Countertrend Play (January 21, 2014)
NZD/USD is forming a rising channel on its 1-hour time frame, after having bounced off the bottom near the .8200 major psychological support. The pair has moved past the middle of the channel after the New Zealand CPI release and is on its way to test the top around the .8400 mark.
Shorting at the channel resistance or at .8400 with a stop above the previous highs and a target at the bottom of the channel could yield a high return on risk for a medium-term play. Stochastic is already in the overbought zone, indicating that bears are ready to sell this pair again soon.
To protect profits and minimize exposure, you can adjust your stop to entry once price hits the middle of the channel around .8300.
By Kate Curtis from Trader's Way
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