NZDUSD has dropped perfectly to our profit target and is now testing channel lower limit support.
Buy above 0.6855. Stop loss at 0.6829. Take profit at 0.6905.
Reason for the trading strategy (technically):
Price has dropped perfectly to our profit target and we’re now seeing major support at 0.6855 (channel lower limit support, horizontal swing low support). We expect a bounce to occur at this level to push price up to major resistance at 0.6905 resistance (Fibonacci retracement, Fibonacci extension, horizontal pullback resistance).
RSI (89) sees major support above 36% where a corresponding bounce could occur.
Buy above 0.6855. Stop loss at 0.6829. Take profit at 0.6905.
Reason for the trading strategy (technically):
Price has dropped perfectly to our profit target and we’re now seeing major support at 0.6855 (channel lower limit support, horizontal swing low support). We expect a bounce to occur at this level to push price up to major resistance at 0.6905 resistance (Fibonacci retracement, Fibonacci extension, horizontal pullback resistance).
RSI (89) sees major support above 36% where a corresponding bounce could occur.