NZDUSD BULLISH 5/5/2020
NZDUSD IS IN A VERIFIED UPTREND MAKING HIGHER HIGH AND HIGH LOW PRICES ON THE DAILY AND ON THE HOURLY FRAMES. The confirmation we have is that price create a nice bullish pin bar on the daily with bears being rejected at the 0.605 lvl and also the 50 fibo lvl on the 1hr frame, & solid bullish follow up after the closed candle.
You also have price currently pulled back creating that higher low entry point for uptrends. The risk on this trade is minimal with huge upside potential. A solid 70 points to the top to retest the rejected highs.Total risk easily 30 points max. About 2.5:1 risk reward ratio. We have news present with NZD unemployment rates at 5:30 cst. If that news comes out postive for the currency then we can get some great juice to the upside towards our target. Just have to let it play out.
You also have price currently pulled back creating that higher low entry point for uptrends. The risk on this trade is minimal with huge upside potential. A solid 70 points to the top to retest the rejected highs.Total risk easily 30 points max. About 2.5:1 risk reward ratio. We have news present with NZD unemployment rates at 5:30 cst. If that news comes out postive for the currency then we can get some great juice to the upside towards our target. Just have to let it play out.
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