NZDUSD: Weekly buy setup

NZDUSD has a nice swing trade opportunity that can evolve into a continuation of the weekly uptrend.
Buy a break of the last session's high, stop at the low. I copied a previous rally, after the weekly got oversold to get an idea of what to expect.
The price tested Brexit support as well as an inside trendline in the weekly, so I think it's highly probable to get a sharp rally out of this zone, specially with China coming back from a week of public holidays, which will bring fresh demand for commodities, boosting asian currencies and metals.

Good luck,

Ivan Labrie.

Kommentera:

If NZDUSD breaks last Friday's low (the red line here), we can short with stop at the current buy stop location, and cancel the buy stop trade.
It has to hold and not make a new daily low to remain bullish.

Kommentera:

We're short since support didn't hold.

Trade stängt manuellt:

Cover short.