NZDUSD pair seems very attractive for a buy/long opportunity.
Starting from May 20th when this analysis begins the pair has followed a relatively upward trend.
A triple top was formed along the way which led to a bearish trend lately (reassured at the white arrow where B represents the
break from the trend). After all this time, everything culminated with the big red candle symbolizing a major drop for the pair, a drop that was experienced by plenty of pairs.
However, this pair has two possibilities both representing a buy opportunity.
Starting from today the pair will either go long and form another uprising trend immediately, or it will experience a simple
drop until its 4 hourly/daily/weekly resistance and later it will start its trend upward at least until 0.6700 which also consists on a simple future prediction from the trendline.
Good entry points: 0.64348 (the support line) - 0.645 (which will be 2 pips over the second resistance line)
Stop loss: after the upward trend begins 0.64348 until 0.64 or 0.635 depending on lot size and risk appetite
Take profit: 0.65 if entry point is 0.64348, but the Take Profit limit can be put until 0.6700 - 0.685 (the space between two upward trendlines) or until 0.69414, the support line.
Starting from May 20th when this analysis begins the pair has followed a relatively upward trend.
A triple top was formed along the way which led to a bearish trend lately (reassured at the white arrow where B represents the
break from the trend). After all this time, everything culminated with the big red candle symbolizing a major drop for the pair, a drop that was experienced by plenty of pairs.
However, this pair has two possibilities both representing a buy opportunity.
Starting from today the pair will either go long and form another uprising trend immediately, or it will experience a simple
drop until its 4 hourly/daily/weekly resistance and later it will start its trend upward at least until 0.6700 which also consists on a simple future prediction from the trendline.
Good entry points: 0.64348 (the support line) - 0.645 (which will be 2 pips over the second resistance line)
Stop loss: after the upward trend begins 0.64348 until 0.64 or 0.635 depending on lot size and risk appetite
Take profit: 0.65 if entry point is 0.64348, but the Take Profit limit can be put until 0.6700 - 0.685 (the space between two upward trendlines) or until 0.69414, the support line.