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MEX_Exchange

NZDUSD approaching profit target, remain bullish

Long
New Zealand Dollar / U.S. Dollar (FX:NZDUSD)  
MEX_Exchange  
FX:NZDUSD   New Zealand Dollar / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns NZD USD NZDUSD nzdusdshort nzdusdlong nzdusdtrade nzdusddaily Forex forextrading
5
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trendanalysis harmonicpatterns chartpattern nzd usd nzdusd nzdusdshort nzdusdlong nzdusdtrade nzdusddaily forex forextrading

Buy above 0.7484. Stop loss at 0.7457. Take profit at 0.7549.
Reason for the trading strategy (technically):
Price touched our buy entry and shot up perfectly towards our profit target. We remain bullish looking to buy on dips above 0.7484 support (Fibonacci retracement, horizontal overlap support) for a further push up towards 0.7549 resistance (Fibonacci extension, horizontal swing high resistance). We move our stop loss to 0.7457 to protect our profits.
Stochastic (34,5,3) is bouncing up nicely from our support previously and still has some good upside potential that corresponds to the rise we’re expecting on price.
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