NZDUSD: Short entry at the fib fest

Hi traders,

On the NZDUSD we can (hopefully) see some fib confluence around the 0.70600 - 0.71000 area, from which I will enter short. We have:

• Trendline
  
• 161.8% FIbonacci extension of the last December 2016 move.
  
• 38.2% Fibonacci retracement of the November - December 2016 move
  
• 38.2% Fibonacci retracment of the September - December 2016 move
  
• 50% Fibonacci retracement of the May - September 2016 move
  
• 38.2% Fibonacci retracement of the January - September move
  

Entry: 0.70663
Stop: 0.71268
Target: 0.68686 = R:RR 3.27

Good luck guys! Updates will follow.

Commento: