Long NZD/USD

[asimpleplan]

From the May low to the recent high, the 0.236 acts as significant level of S/R.
It hits new highs between 0.7220-0.7228 before breaking up to highest (0.7320) since early Feb.

On the 0.236 Fib retracement from the new high, the 0.7220-0.7228 S/R is again tested before breaking lower and touching the long term 0.236 retracement.

Some bullish news due to come out later today on NZD/USD - (Business NZ Manufacturing Index)

0.7167 SL (pink line) - just below the lows of the previous support.

It'll probably totter at the 0.7200 level for a while but should return back up to the 0.382 retracement.

When it starts to move up, start to trail the stop as it'll doubtless totter at 0.382.

 

[asimpleplan]

OK, it's now at the 0.38 retracement and time to start tightening the stop.

If I wanted to keep the position running in the hope it'd continue to rise I suppose a trailing SL at the 0.23 would be a good idea.

If I wanted to be more conservative to protect the gain, I'd trail the stop at the new support a few pips below 0.7232.