NZD/USD Ascending channel
Chart: Daily
Market: Ranging
Bullish Indicators
1. Ascending Channel (Price rejects channel support level)
2. Price rejects 0.66500 area
3. Bullish engulfing candle (engulfs 25th March candle)
4. 28th of March Candle low below 50 EMA , open/close above 50 EMA
5. Price forming higher lows & higher highs (evident by blue circles)
Risk Management
Risk / Reward: 1:1:09
Stop area: 0.66580 or below 0.66500 (below 28th march low)
Target: 0.68500 +
Note: Since this market overall is ranging, but bullish in the short term, we expect to see bearish evidence around
the 0.68500 or 0.69000 area or at the ascending channels resistance line.Why? Price has in the past, formed double tops at this price zone & reversed.
Agree/Disagree? Comment Below!
Market: Ranging
Bullish Indicators
1. Ascending Channel (Price rejects channel support level)
2. Price rejects 0.66500 area
3. Bullish engulfing candle (engulfs 25th March candle)
4. 28th of March Candle low below 50 EMA , open/close above 50 EMA
5. Price forming higher lows & higher highs (evident by blue circles)
Risk Management
Risk / Reward: 1:1:09
Stop area: 0.66580 or below 0.66500 (below 28th march low)
Target: 0.68500 +
Note: Since this market overall is ranging, but bullish in the short term, we expect to see bearish evidence around
the 0.68500 or 0.69000 area or at the ascending channels resistance line.Why? Price has in the past, formed double tops at this price zone & reversed.
Agree/Disagree? Comment Below!
Commento:
Target reached.