NZDUSD IS Approaching Its Support, Prepare For A Bounce
Buy above 0.7302. Stop loss at 0.7274. Take profit at 0.7395.
Reason for the trading strategy (technically):
NZDUSD is approaching its support at 0.7302 (100% Fibonacci extension x2, 61.8% Fibonacci retracement, 38.2% Fibonacci retracement) where we expect to see a bounce, causing price to rise to its resistance at 0.7395 (61.8% Fibonacci extension, horizontal swing high resistance). However, we do need to be cautious about the intermediate resistance at 0.7338 (38.2% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) is approaching its support at 2.66% where we expect to see a corresponding reaction.
Reason for the trading strategy (technically):
NZDUSD is approaching its support at 0.7302 (100% Fibonacci extension x2, 61.8% Fibonacci retracement, 38.2% Fibonacci retracement) where we expect to see a bounce, causing price to rise to its resistance at 0.7395 (61.8% Fibonacci extension, horizontal swing high resistance). However, we do need to be cautious about the intermediate resistance at 0.7338 (38.2% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) is approaching its support at 2.66% where we expect to see a corresponding reaction.