NZDUSD approaching major support, prepare to buy
Buy above 0.7128. Stop loss at 0.7091. Take profit at 0.7174.
Reason for the trading strategy (technically):
Price is approaching major support at 0.7128 (Fibonacci extension, horizontal swing low support) and we expect a bounce above this level for an intermediate correction to 0.7174 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,3,1) is seeing strong support above 2.4% where we expect a bounce from.
Reason for the trading strategy (technically):
Price is approaching major support at 0.7128 (Fibonacci extension, horizontal swing low support) and we expect a bounce above this level for an intermediate correction to 0.7174 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,3,1) is seeing strong support above 2.4% where we expect a bounce from.