NZDUSD – Classic breakout-pullback setup for the week of 04 July
Preceding trend – bearish
Current price action – Pullback to a major level
My chart shows exactly what I am seeing and anticipating. Note that a recent breakout-pullback on the bullish side recently worked out well too. I will be looking for an entry on H1 time frame.
We can have a large target here, as the next major support I can see is way down to 0.5920. I intend to place my initial target at 2R and then look to extend it if price action shows me that we have good momentum with the bears.
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Always use sound money and risk management and stay patient in all your trades.
Current price action – Pullback to a major level
My chart shows exactly what I am seeing and anticipating. Note that a recent breakout-pullback on the bullish side recently worked out well too. I will be looking for an entry on H1 time frame.
We can have a large target here, as the next major support I can see is way down to 0.5920. I intend to place my initial target at 2R and then look to extend it if price action shows me that we have good momentum with the bears.
If you like my analysis, please give it a “thumbs up” and follow me to get immediate notifications.
Always use sound money and risk management and stay patient in all your trades.
Trade active:
My trade has a small profit right now, trade has not moved convincingly as I expected. Will watch for a couple of days next week and decide if to close it.