Intraday buy opportunity on NZDUSD
DXY continues to drifts lower, indicating that we can expect major pairs to climb higher. NZDUSD has been in a weird situation over on the daily time frame:
Despite price trading at a newer relative low, it's still holding supported. This is what we're currently eyeing at the 0.666 price level. Price broke this level in the latter half of last week and is currently being held supported. It's too early to tell, but I'm expecting this level to be temporarily invalidated. Entry would only be taken accordingly in order to maximize my R-multiple.
The ideal scenario would be for price to drift lower as that would indicate a lack of selling pressure. Once this drift slows down, I would enter with the expectation that price would breach and invalidate the 0.666 level.
Note that ideas published represent my viewpoints on structural directional movements. I do not post explicit trade parameters (i.e. entry, take profit, stop loss, etc.) as these are set to in reference with my expectancy. Since my win rate and R-multiple targets are different, ideas published are simply a resource to provide guidance. You are expected to manage your own trading decisions.
Despite price trading at a newer relative low, it's still holding supported. This is what we're currently eyeing at the 0.666 price level. Price broke this level in the latter half of last week and is currently being held supported. It's too early to tell, but I'm expecting this level to be temporarily invalidated. Entry would only be taken accordingly in order to maximize my R-multiple.
The ideal scenario would be for price to drift lower as that would indicate a lack of selling pressure. Once this drift slows down, I would enter with the expectation that price would breach and invalidate the 0.666 level.
Note that ideas published represent my viewpoints on structural directional movements. I do not post explicit trade parameters (i.e. entry, take profit, stop loss, etc.) as these are set to in reference with my expectancy. Since my win rate and R-multiple targets are different, ideas published are simply a resource to provide guidance. You are expected to manage your own trading decisions.