Intro: We have reached our profit target on NZDUSD and now it’s testing major support. We look to buy for a bounce.
Buy above 0.7272. Stop loss at 0.7215. Take profit at 0.7374.
Reason for the trading strategy (technically):
Price has dropped perfectly towards our profit target and we’re seeing major support above 0.7272 (Fibonacci retracement, Fibonacci extension, horizontal overlap support, bullish divergence) where a bounce would push price up towards 0.7374 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is seeing major support above 7.6% and also sees bullish divergence vs price signalling that a bounce is impending.
Buy above 0.7272. Stop loss at 0.7215. Take profit at 0.7374.
Reason for the trading strategy (technically):
Price has dropped perfectly towards our profit target and we’re seeing major support above 0.7272 (Fibonacci retracement, Fibonacci extension, horizontal overlap support, bullish divergence) where a bounce would push price up towards 0.7374 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is seeing major support above 7.6% and also sees bullish divergence vs price signalling that a bounce is impending.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.