Black Swan Forex: NZD/USD Daily Forecast - Bear flag setup?

Update: NZD/USD Daily Forecast - Bear flag setup? []

9 October 2013/12:15 p.m. ET

Issue #625

NZD/USD Daily [last 0.8293]: An interesting daily setup seems in play. After a sharp rally that retraced 76.4% from the daily swing low to high, the pair hit resistance. We had a correction then minor test of the high. Looking to sell a break of the near-term low range that comes in at 0.8266...if we get some type of risk-off move, given all the politics swirling, I would suspect commodity currencies get hit. And the strongest of the crowd is NZD...maybe some catch up time is due. Also, commodities are sharply lower today, with crude off over $2 and gold down $2. I think the trade makes sense; but letting the market take us into the position with a sell stop order.

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Thank you.


Jack Crooks

Black Swan Capital ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


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