NZDUSD right on major support, remain bullish
Buy above 0.7325. Stop loss at 0.7305. Take profit at 0.7389.
Reason for the trading strategy (technically):
Price is right on major support at 0.7325 (multiple Fibonacci extensions, horizontal swing low support, channel support) and we expect to see a bounce above this level for a push up to at least 0.7389 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic is seeing major support at 8% signalling that a short term correction is fast approaching.
Reason for the trading strategy (technically):
Price is right on major support at 0.7325 (multiple Fibonacci extensions, horizontal swing low support, channel support) and we expect to see a bounce above this level for a push up to at least 0.7389 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic is seeing major support at 8% signalling that a short term correction is fast approaching.