One of my favorite technical patterns here on NZDUSD: today's candlestick
is forming a dojo at a previously established support level
, and has also bounced off the 50 SMA
. Price is in an uptrend and has pulled back. I should note the candle hasn't closed yet, and price hasn't reached the 50% Fibonacci retracement
from the recent swing low to swing high -- another preference of mine -- but I thought the signs were strong enough to warrant entering. I'm also seeing signs of NZD strength and USD weakness against other currencies, which I think also bodes well for this trade.