NZDUSD profit target reached, prepare to buy
Buy above 0.7333. Stop loss at 0.7305. Take profit at 0.7389.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area and is fast approaching our profit target. We prepare to buy above major support at 0.7333 (Fibonacci retracement, horizontal swing low support, Fibonacci extension) for a push up to at least 0.7389 resistance (Fibonacci retracement, horizontal pullback resistance).
RSI (34) sees intermediate resistance at 49% which continues to hold it down, as long as RSI remains below this level, our long term view on NZDUSD would be bearish.
Stochastic is seeing major support at 8% signalling that a short term correction is fast approaching.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area and is fast approaching our profit target. We prepare to buy above major support at 0.7333 (Fibonacci retracement, horizontal swing low support, Fibonacci extension) for a push up to at least 0.7389 resistance (Fibonacci retracement, horizontal pullback resistance).
RSI (34) sees intermediate resistance at 49% which continues to hold it down, as long as RSI remains below this level, our long term view on NZDUSD would be bearish.
Stochastic is seeing major support at 8% signalling that a short term correction is fast approaching.