NZDUSD - Double bottom at value
The daily chart of NZDUSD stands at value. I am holding a position for the longer term because this pair keeps trending up.
For the next few days, I see a swing opportunity with a very good RRR. On the 4H time frame, this pair has drawn a double bottom pattern with a bullish divergence. This double bottom should push prices higher to 0.73, a level where the daily impulse system will have turned blue, signaling a rejection of value on the daily chart. As for targets on this swing trade, I will take profits at 0.74200, just below the 78.6% retracement of the intermediate high. Soft stop(as always) below the swing low of the double bottom.
For the next few days, I see a swing opportunity with a very good RRR. On the 4H time frame, this pair has drawn a double bottom pattern with a bullish divergence. This double bottom should push prices higher to 0.73, a level where the daily impulse system will have turned blue, signaling a rejection of value on the daily chart. As for targets on this swing trade, I will take profits at 0.74200, just below the 78.6% retracement of the intermediate high. Soft stop(as always) below the swing low of the double bottom.
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