Buy above 0.6818. Stop loss at 0.6789. Take profit at 0.6874.
Reason for the trading strategy (technically):
Price reached our buying level and has started to bounce up perfectly. We now remain bullish above 0.6818 support (Fibonacci extension, Elliott wave theory) and look for a bounce towards 0.6874 resistance (Fibonacci retracement, horizontal pullback...
The channel of NZDUSD shows that it has room to move up. We can see a rejection of the support level and price looks like its heading now to the upper range. If it manages to break that range next target is the resistance at 0.7050
Take profit targets: 0.6960 > 0.7050
Stop loss: 0.6840
Long-term inflation expectations for New Zealand businesses rose at a fasster pace in the first quarter, according to a quarterly survey.
Inflation expectations tracked by the Reserve Bank of New Zealand’s two-year ahead measure climbed to 2.2% in the first quarter, after rising to 1.9% in the previous quarter.
First published idea from an inexperienced trader.
as the NZD/USD weekly approaches a close, a hanging man appears to be forming on top of a strong support line, NZD/USD is at it's lowest point for over 12 months.
bearing in mind we have the NPF tomorrow so this can go either way and break the support.
I am bullish on this pair, I suspect the bullish reversal...
Possible long on this pair. I like to see a pullback to the 38.2% fib which is currently @ 0.688, today or tomorrow for a long. The current cloud break suggests a possible correction or reversal. This remains valid until close of London tomorrow.
After dropping alot the range became more narrow while the daily time frame is at a support area. The Stoch Rsi made a nice bullish cross-over out of the oversold area confirming that selling pressure is over. A break-out of the upper range will be above 0.6888.
How to trade
- Buy at current market price or above 0.6888 with a stop-loss 0.6820. Take profit at...
Consolidation can be broken both down and up. With a small stop, the profit factor can be good enough for such a small consolidation.
Why was the short position opened:
Nzdusd Trading around 0.6900 level double bottom already done around 0.6890 level where monthly bottom formed at .6860 level now have to see it hold its double bottom or bounce back from monthly bottom.
Trend is down but as price action and As strong bottom Formed
Can buy cmp .6900 with sl 0.6850 tp 0.70-0.71
