Possible long position for NZDUSD. Price has recently bounced off of a Long term trend line support, leading me to believe a potential drive to the next local resistance area. The price has also just crossed both the 200 EMA and 50 EMA and they have gone underneath the price thus giving us a long bias. For this trade I have also brought in a stochastic indicator which is currently showing us that the price has recently been moving in an over sold area which also ties into the long bias. As you can see there is also a parallel trend line channel which has just experienced a false breakout which is yet another indicator to buy. I have added in a long trade with a tiny stop loss of about 24 pips and take profit of around 106 pips, which makes for a great risk:reward ratio. Keep an eye out for this as there will be updates.
NZDUSD
NZDUSD
Comment:
24 pip stop loss has been hit