Trade Entry: NZD/USD Short Position, 16-Jan-09

(Re-Entry)
Security: Spot FX (mini) NZD/USD
Direction: Short
Contract: 1 (mini)
Opening Price: 0.54750
Opening Contract Value: NZD$10,000 (US$5,475)
Stop Level: 0.56750
Amount Risked: NZ$200
Interest rate differential fee: -4.75% p.a.

Technical Justifications:

1. Economic data still points to a bearish NZD - CPI figures expected to deteriorate.
2. NZDUSD has experienced a 200pip retracement recently, but this is expected to be short lived and resume its bearish trend.
   

Chart

NZDUSD Spot Mini - Hourly