NZDUSD - Waiting to open short position

15 Tem 2015

I've been taking advantage of NZDUSD's strong down trend, but have not opened a position in the last several days. Technically, even though it has had an extended run, my bias is the trend will continue. I attempted to open a short position yesterday, but was too conservative with my Sell Limit order and as a result it wasn't executed. Currently, NZDUSD is making a big move and is below the .66193 strong support. I'm hesitant to chase at this point and would rather wait for a better opportunity. NZD Consumer Price Index will be reported in less than 6 hours. This move could be a speculation of those results.

MY PLAN: I'm looking for it to retrace to .6619 and potentially to .6640. Bottom line, I am waiting for a better time to enter a short position and will be watching to take advantage of volatility from Consumer Price Index results. I will most likely scale into this to attempt.