Trade Update - NZD/USD Long CLOSED

Update 03-19-08 7am:
As mentioned before, this pair had significant upside resistance and hence limited upside potential. The remaining 2 lots hot their stop losses.

Lot 1 (closed at 9pm): +50 pips
Lot 2 & 3: 0 pips

Total Pips: +50
Total Profits: $50

Update 03-18-08 9pm:
My first target point has been hit and the first lot is closed for a +50 pip profit. Stop loss bas been moved to break even.

The Trade:
The A-Pac currencies are showing some strength today and reversing their losses of the past few days. I am entering long the NZD/USD pair.

System:
This trade is entered based on the HAS system on 4 hour time frame.

Reason:
After couple of losing days, the NZD has started moving back to the upside. And by the HAS system, we have 2 candles confirming the trend. On the fundamental side, we have the PPI and the interest rate statement being released today for US. And its almost a surety that there will be a 75-100 bps cut which will further devalue the USD.


Rating:
I would give this trade a 4.5 star due to the combination of technical and fundamental factors. The charts clearly confirms the trend. There might be short term consolidation, but the move is definitely to the upside. And the release of data points in US later in the day might help our trade.