NZD/USD has formed another higher low via a bullish pinbar at Key Support @84.250.
We are also rejecting the KEY trend line connecting the extreme lows on this pair.
I am looking to target the .86500 level as this is the .5-.618 fib retracement of the last down move. This would also coincide with a 50% retracement of the monthly bearish engulfing bar.
Dollar index is poising for a retracement lower adding even more confluence to this trade.
Confluence in our favor.
1. Trading with dominant trend
2. Bullish Pinbar
3. Rejecting Key Support @ 84.250
4. Rejecting KEY Trend-Line
5. Higher low formed
6. Room to breath up to .86500
We are also rejecting the KEY trend line connecting the extreme lows on this pair.
I am looking to target the .86500 level as this is the .5-.618 fib retracement of the last down move. This would also coincide with a 50% retracement of the monthly bearish engulfing bar.
Dollar index is poising for a retracement lower adding even more confluence to this trade.
Confluence in our favor.
1. Trading with dominant trend
2. Bullish Pinbar
3. Rejecting Key Support @ 84.250
4. Rejecting KEY Trend-Line
5. Higher low formed
6. Room to breath up to .86500
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.