NZDUSD Approaching Support, Prepare For A Bounce!
Buy entry 0.6770.
Stop loss 0.6741.
Take profit at 0.6823.
Reason for the trading strategy (technically):
NZDUSD is approaching support at 0.6770 (61.8% Fibonacci extension, 61.8% & 50% Fibonacci retracement, horizotnal swing low support) where we expect to see a bounce up to its resistance at 0.6823 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is testing its support at 3% where a corresponding bounce could occur.
Stop loss 0.6741.
Take profit at 0.6823.
Reason for the trading strategy (technically):
NZDUSD is approaching support at 0.6770 (61.8% Fibonacci extension, 61.8% & 50% Fibonacci retracement, horizotnal swing low support) where we expect to see a bounce up to its resistance at 0.6823 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is testing its support at 3% where a corresponding bounce could occur.