NZDUSD testing major support, remain bullish
Buy above 0.6821. Stop loss at 0.6720. Take profit at 0.7052.
Reason for the trading strategy (technically):
Price continues to test major support at 0.6821 (Fibonacci extension, horizontal swing low support) and we expect to see a nice bounce from this level to at least 0.7052 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,3,1) is seeing strong support above 4.3% and it is starting to turn up signalling a reversal.
Reason for the trading strategy (technically):
Price continues to test major support at 0.6821 (Fibonacci extension, horizontal swing low support) and we expect to see a nice bounce from this level to at least 0.7052 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,3,1) is seeing strong support above 4.3% and it is starting to turn up signalling a reversal.