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MEX_Exchange

NZDUSD approaching major support, prepare to buy

Long
New Zealand Dollar / U.S. Dollar (FX:NZDUSD)  
MEX_Exchange  
FX:NZDUSD   New Zealand Dollar / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns NZDUSD NZD USD nzdusdshort nzdusdlong nzdusdtrade nzdusddaily Forex forextrading
2
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trendanalysis harmonicpatterns chartpattern nzdusd nzd usd nzdusdshort nzdusdlong nzdusdtrade nzdusddaily forex forextrading
Buy above 0.7128. Stop loss at 0.7091. Take profit at 0.7174.
Reason for the trading strategy (technically):
Price is approaching major support at 0.7128 (Fibonacci extension, horizontal swing low support) and we expect a bounce above this level for an intermediate correction to 0.7174 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,3,1) is seeing strong support above 2.4% where we expect a bounce from.
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