NZDJPY: Buy Signals from Support
The price reached the support zone formed between 67.000 and 66.325 levels. The market gave us a gap and a strong bullish candle after that.
The price bounced from the support zone, and it gives us a possible buy opportunity.
The market made a good downward movement, and a correction wave will be logical. RSI tells us that the market is oversold. The reversal signals from RSI will be a good bullish signal. MACD and DMI still support sellers. But within several days, they also will be able to give us bullish signals.
How to trade?
Wait for more bullish signals from the daily timeframe and use them for buying. Use the hourly timeframes and buy following trend reversal signals. For all long trades, stop-loss orders must be placed below 66.325 support. The main profit target should be at 70.00 resistance.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
The price bounced from the support zone, and it gives us a possible buy opportunity.
The market made a good downward movement, and a correction wave will be logical. RSI tells us that the market is oversold. The reversal signals from RSI will be a good bullish signal. MACD and DMI still support sellers. But within several days, they also will be able to give us bullish signals.
How to trade?
Wait for more bullish signals from the daily timeframe and use them for buying. Use the hourly timeframes and buy following trend reversal signals. For all long trades, stop-loss orders must be placed below 66.325 support. The main profit target should be at 70.00 resistance.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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