The New Zealand Dollar turned lower expected against its US namesake after putting in a Bearish Engulfing candlestick pattern. A close below the 0.85 figure has exposed the 0.8391-0.8415 area, marked by a horizontal barrier in play since
We entered short NZDUSD at 0.8493, initially targeting 0.8415. A stop-loss is set to trigger on a daily close above 0.8565. We will take profit on half of the position and trail the stop-loss to the breakeven level once the first target is hit.