Today's FOREX Trade of the Day was a short GBP/NZD position.
Entry Sell: 2.0262
Exit Buy: 2.0189
Notional Intraday Profit: +73 pips
Today's intraday High of of 2.0265 was just above the the 38.2% retracement of the range from yesterday's High through yesterday's Close, rendering the retracement level a profitable Entry Sell level.
Today's intraday Low of 2.0169 was below the 50.0% retracement level of the range from the 15 October Low through the 16 October High, rendering the retracement level a profitable Exit Buy level.
Looking at this cross rate's Monthly chart below, we can see how technically this cross has traded in 2013 and 2014, as identified by up and down arrows. GBP/NZD may be a cross rate that most FX traders don't follow, but this is another validation that there is often more alpha on the cross rates than the majors.
Downside price objectives include 2.0115, 2.0068, and 1.9836.
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