Buy above 0.7035. Stop loss at 0.6946. Take profit at 0.7196. Reason for the trading strategy (technically): Price is in an ascending channel and we look to buy on dips above 0.7035 support (Fibonacci retracement, horizontal pullback support, bullish channel) for a push up to at least 0.7197 resistance (Fibonacci extension, horizontal swing high resistance). RSI (34) sees multiple ascending support lines holding our recent push up on price.
But seems to be overbought due to the 10 EMA much below current price on the daily time frame, so is bound for an imminent pullback
Also bearish crown in the making from the daily chart. Left tip and center part of crown appear to have also formed. I think it should reach potentially 0.6850-0.69
FxTeacher
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Hey. Does this mean I should cancel the previous NZDUSD short trade from last week?
ForexicScientist
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@bryceboss20, do your own analysis and make your own calls... don't cancel your trades just because of one person's view!
FxTeacher
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@ForexicScientist, I do. But they gave a short trade (which hasn't hit TP) last week for this currency pair. My enquiry is just to understand the procedure that this user follows, as it relates to trades they post. This is not related to my trading or my analysis, which I do myself. But as I follow this user, I'd like to know the procedure in a scenario such as this.
rebelde
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@bryceboss20, I also have a sell bias on my 1H chart, but when I look the daily charts the resistance at 0.70197 was broken, this is why @MEX_Exchange is having a long position? I'm not really sure.
Also bearish crown in the making from the daily chart. Left tip and center part of crown appear to have also formed. I think it should reach potentially 0.6850-0.69