Strategy: Short at 0.7516, Targeting 0.7362

NZDUSD validated the bearish setup we identified last week, breaking through rising trend line support established from the lows in June 2010. We sold the pair shortly after the weekly open at 0.7516, targeting an initial decline to 0.7362. A stop-loss will be activated on a daily close above the 0.76 figure. Initial resistance lines up at a falling trend line connecting swing highs since the beginning of the month, now at 0.7587.

NZDUSD_Short_Triggered_on_Trend_Line_Break_body_02282011_NZD.png,

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