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NZD/USD Hits Target! 

Our trade setup on NZD/USD from last Thursday’s analysis (5th May) is trading far away from our target at the 0.6500 price area.Nevertheless, we have adjusted to take profit at the current price level (we are roughly out 85-95 pips away from the aforementioned price target). We are of the view that a significant area of confluence acting as a shorter term support area at the current price level and due to our risk mitigation strategy we are also of the opinion that risk, reward palatability favors a near-term retracement to the upside as a shorter term range might be in the works. Thus, we advise that our clients take their profit at the current price level which is roughly around +30-40 pips in profit from our entry point as at the time of publish.

NZD/USD 1-Hour chart showing price closed out in +32.6 pips in profit

In monetary terms, for instance, clients that traded with:

N100 (trading amount) * 32.6 points = N3,260 N1000 * 32.6 points = N32,600 N2000 * 32.6 points = N65,200 N10,000 * 75.3 points = N326,000

N.B: Depending on the trading amount returns could be lower or higher than the above examples.

At EGM, will would always strive to ensure that our clients are profitable!

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