The kiwi is currently moving in an upwards trend channel. By combining the fibonacci timezones with the fibonacci retracement we can locate a good long opportunity in the zone between the outside retracement of the previous swing low to swing high and previous structural support and resistance . The first limit target is based on previous structural resistance and the .236 fibonacci retracement level. The final profit target is placed where the fibonacci extension meets the fibonacci timezone. The trendchanel also indicates that it most likely won't move much further up after this level. The stop is placed just below the .618 fibonacci retracement level which almost gives us a risk/reward-ratio of 2 to 1.
/Uncle & Son
/Uncle & Son