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MEX_Exchange

NZDUSD approaching strong support, prepare to buy

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 NZDUSD nzdusdlong nzdusdshort nzdusdtrade nzdusddaily nzdusdbreakout nzdusdsell Forex forextrading
5
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trendanalysis harmonicpatterns chartpattern nzdusd nzdusdlong nzdusdshort nzdusdtrade nzdusddaily nzdusdbreakout nzdusdsell forex forextrading
Buy above 0.7244. Stop loss at 0.7213. Take profit at 0.7299.
Reason for the trading strategy (technically):
Price is approaching major support at 0.7244 (Fibonacci retracement, horizontal overlap support) and we expect a bounce above this level to at least 0.7299 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (21,5,3) is approaching strong support above 3% where we expect a bounce to occur
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