NZDUSD testing major support, remain bullish
Buy above 0.7146. Stop loss at 0.7093. Take profit at 0.7245.
Reason for the trading strategy (technically):
Price has been testing our major support atc0.7146 (Fibonacci retracement, horizontal overlap support) and we expect to see a strong bounce off that level to push price to at least 0.7345 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,3,1) is seeing strong support above 0.9% where we expect to see a corresponding bounce from.
Reason for the trading strategy (technically):
Price has been testing our major support atc0.7146 (Fibonacci retracement, horizontal overlap support) and we expect to see a strong bounce off that level to push price to at least 0.7345 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,3,1) is seeing strong support above 0.9% where we expect to see a corresponding bounce from.