theforexarmy

NZDUSD Approaching Support, Prepare For A Bounce

Long
OANDA:NZDUSD   New Zealand Dollar / U.S. Dollar
Buy above 0.6545.
Stop loss at 0.6501.
Take profit at 0.6603.
Reason for the trading strategy (technically):
NZDUSD is approaching its support at 0.6545(100% & 61.8% Fibonacci extension , 78.6% Fibonacci retracement , horizontal overlap support) where it could potentially bounce to its resistance at 0.6603 (38.2% Fibonacci retracement , horizontal swing high resistance).
Stochastic (89, 5, 3) is approaching its support at 3.7% where a corresponding bounce could occur.

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