francocrean

NZD/USD LONG Intra-Day Setup (45 Pip Reward/25 Pip Risk)

Long
FX:NZDUSD   New Zealand Dollar / U.S. Dollar
Technical Analysis
Pair: NZD/USD
Bias: Long
Entry: 0.68532
TP: 0.68972
SL: 0.68272

Why?
DXY on pullback in bearish trend , engulfing the previous bullish candle with a bearish candle, and also rejecting at a key, daily, manipulative level, finding resistance and supply, and looking like it will continue to push downwards.
Price on NZD/USD is in a big uptrend, with the MA's suggesting more buyers than sellers on H1 upwards.
NZD/USD pulled back to the previous resistance level , using it as support.
Price tapped the key 61.8 fib level on it's retracement, finding support at the psychological level of 0.685
Price formed a double bottom on this level on the 15 minute chart, with a bullish engulfing candlestick pattern confirmation, and looks set to continue on it's overall trend.

Take Profit is set at the 0.618 fib level, 45 pips away.
Stop Loss is set at the previous lower low, 25 pips away, and if price touched the stop loss, the whole trend would be looking as though it will change.

I'll keep you guys updated!
Franco

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