informedtrades
Short

NZDUSD Showing Reversal Candlesticks at Resistance & 50 SMA

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
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NZDUSD is in a clear downtrend, but has now snapped back to a resistance level that coincides with the 50 SMA . At the same time, we're seeing price action stall and reversal candlestick patterns form. I've got my stop just above the recent swing high, and my target profit is the support based on the weekly chart. This gives me a reward/risk of about 3.5.

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