New Zealand Dollar - Timing a long

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
101 0 7
I will explain in this chart how I am planning a long trade for the NZD.

Starting off with the weekly chart, I see a decline to value in NZDUSD             , right to the psychological level of 0.7. The Force Index is oversold in an uptrend, this is the time to buy.

Going on to the daily chart , I can see a double bottom formation in a bigger H&S formation. When H&S do not break below the neckline, they are bullish formations. Note that a strong close today will form a bullish divergence on the MACD .

The 4H chart shows a class A bullish divergence both on the MACD lines and histogram. I've been waiting all day on Friday for a close above 0.703 to signal the entry, without any luck. Today though, it finally happens.

I have been long this pair for a couple of weeks now, I added on my position on this close on the 4H chart, and I will add at the end of the day if I see a strong close. Soft stop as always below the swing low at 0.70. As for targets, well for starters I would say 0.75.

Keep in mind that the dollar index             is probably in the midst of a major false breakout above 100, a historically important level.
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out