SantanderCapital
Long

NZD/USD Ascending channel

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
173 4 8
Chart: Daily
Market: Ranging

Bullish Indicators

1. Ascending Channel (Price rejects channel support level )
2. Price rejects 0.66500 area
3. Bullish engulfing candle (engulfs 25th March candle)
4. 28th of March Candle low below 50 EMA , open/close above 50 EMA
5. Price forming higher lows & higher highs (evident by blue circles)

Risk Management
Risk / Reward: 1:1:09
Stop area: 0.66580 or below 0.66500 (below 28th march low)
Target: 0.68500 +

Note: Since this market overall is ranging, but bullish in the short term, we expect to see bearish evidence around
the 0.68500 or 0.69000 area or at the ascending channels resistance line.Why? Price has in the past, formed double tops at this price zone & reversed.


Agree/Disagree? Comment Below!
Comment: Target reached.
Nicely done!
It'll be interesting to see how price reacts to the .68500 level, after Yellen's comments this morning.
Reply
Thanks! Same here, I'm looking for a double top or high test candle around the .68500 zone or at the resistance of the ascending channel.
Reply
As a daily close and hold above resist happened we can look for a bull run to continue. I am long. Thanks !!
Reply
Nice one. :) Anytime.
Reply
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