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theforexarmy

NZDUSD approaching major support, prepare to buy

Long
New Zealand Dollar / U.S. Dollar (FX:NZDUSD)  
theforexarmy  
FX:NZDUSD   New Zealand Dollar / U.S. Dollar
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Buy above 0.7119. Stop loss at 0.7044. Take profit at 0.7242.
Reason for the trading strategy (technically):
Price is approaching major support at 0.7119 (Fibonacci retracement, Fibonacci extension, horizontal support) where we expect a bounce up to at least 0.7242 (Fibonacci retracement, horizontal swing high resistance).
Stochastic (21,5,3) is seeing strong support above the 4.2% level.
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