Sky News
GOOD MORNING STEEMIT!
This is one of the setups that makes scratching around in the markets for weeks on end all worth it in the end. Make sure you're putting yourself in a position to take advantage of these moves when they present themselves and you can really take the pressure off for a good chunk of time inbetween. If you're not in a position to take advantage of these moves because you close early or you don't add into winning positions, then you can't complain.
As traders, all of the responsibility for both positive and negative trading outcomes is on ourselves. There is nowhere to hide and nobody else to blame if you don't make money. While that's scary for many who love shifting their own problems onto others, it is also a huge drawcard to the trading scene.
So I first highlighted the NZD/USD higher time frame resistance level here and following the New Zealand CPI beat that did nothing to spur price, shorts were the juicy play.
The Kiwi just couldn't find any strength and then...
NZD/USD Hourly
Goodnight bulls!
That's the Kiwi sliding to it's lowest level in over 5 months and putting the pair on the path toward its largest 1 day percentage decline in a year.
While the technicals and the inability of price to break resistance even on a positive CPI number pre-empted the fall, the move actually came after a surprise election outcome sparked concerns that the new government could pursue policies that would weaken the NZD.
Reuters
The change is significant because it markets the end of nearly a decade of National governments and open the country up to the potential for more protectionist policies which would obviously be Kiwi Dollar negative.
On the chart above, I've added a line at the latest previous short term support level that could potentially turn to resistance and give us a chance to add in deeper. While the market is falling, you want to keep shorting. You can set your stops to take you out at a decent profit no matter what happens now, but there is no reason to be stopping yet.
Peace!
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