NZDUSD Summary & Short Trade Setup

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NZDUSD

The NZDUSD has been fluctuating around the 200DMA for over two weeks now. It's mostly being kept pinned in this range due to a rise in the price of metals and a weakening dollar. However it is failing to gain any momentum to the upside and is wedged in a triangle formation.

A break of the 0.65500 level would open up the downside and allow a test of the YTD lows, after that we'll head for 0.6200 then 0..6000.

I would not recommend going long on this pair as the upside potential is quite limited. However scalps could easily be taken within the current range.