Nzd.usd

[zyreon]

wow, so i take it speculators closed their shorts... ran over to cable etc and jumped on bandwagon... illiquidity caused rally.

now people wisen up and shorting the rally (me included ).... hmm maybe back down to 6700 by morning?

[Xerof]

I remember the night of 9/11, (who can forget), and a similar pattern occurred in NZD. There was a strong rally of about 100 pips, in an illusionary 'safe haven' burst of buying, followed by a collapse of 200/300 pips, as risk aversion took effect i.e lets take our money home lads. The reason was, I believe, related to other asset markets collapsing, i.e. the DJI, etc etc and hedge funds were forced to close out profitable positions to cover losses elsewhere.

[Xerof]

I've deleted my comment re charting tools, as the situation has developed for the worse since that posting, and it would be in bad taste to leave it on the thread

Xerof

[zyreon]

true true, i was hardly into stocks during 9/11 let alone currency.

just occured to me before about the whole safe haven thing

[peat]

i was away from the screen during last nights volatility but had some sells setup so have now re-enetered short at .6732
as the gold coast guru said volatility creates opportunity.

[arco]

Added big parcel shorts at 6781 just before retiring,
........woke to a nice 50 pips...........hanging in.

[Xerof]

Nice work lads, seems we all kept cool heads and sold the spike

Added to short from 80 with a few more mint wafers at 75

Also not tempted.....

Xerof

[Xerof]

quote:Slip sliding away, slip sliding away
You know the nearer your destination, the more you slip sliding away

[peat]

good levels to reenter short here ..... shame I cant or i would.

[Xerof]

Caution required, in my view - those 50% fib retracement areas for both NZD (0.6590) and AUD (0.7370) held very nicely on Friday, but agree - topside is probably limited.

Xerof