October 1st, 2010
Trade #59: Closed NZD/USD at 0.7391
It’s 08:52am GMT. I just closed my long in NZD/USD at 0.7391 for +48 pips. A good start for the month of October.
Below is the daily chart of the kiwi. You can see that the 0.7400-0.7410 area is proving to be a serious resistance area. The chart pattern that has been formed is, I believe, called an ascending triangle and must be resolved by a breakout (NOT necessarily on the upside). I am out of the market for now but could get in at a moment’s notice.
