📈 Trade Idea: Long NZD/USD
Analysis:
Price formed a bullish engulfing candle at the 0.5700 key support level, signaling strong buying pressure. This level previously acted as resistance and has now turned into support, confirming a potential continuation of the uptrend.
Trade Plan (Based on Chart Setup):
🔹 Entry: 0.5714 (bullish engulfing confirmation)
🔹 Stop Loss: 0.5694 (below structure, invalidates setup)
🔹 Take Profit: 0.5775 (next resistance zone)
Why this trade?
✔️ Bullish engulfing pattern at key support
✔️ Break-and-retest confirmation of previous resistance as support
✔️ Strong uptrend continuation setup
📌 Looking for price to stay above 0.5700 to maintain bullish bias.
Analysis:
Price formed a bullish engulfing candle at the 0.5700 key support level, signaling strong buying pressure. This level previously acted as resistance and has now turned into support, confirming a potential continuation of the uptrend.
Trade Plan (Based on Chart Setup):
🔹 Entry: 0.5714 (bullish engulfing confirmation)
🔹 Stop Loss: 0.5694 (below structure, invalidates setup)
🔹 Take Profit: 0.5775 (next resistance zone)
Why this trade?
✔️ Bullish engulfing pattern at key support
✔️ Break-and-retest confirmation of previous resistance as support
✔️ Strong uptrend continuation setup
📌 Looking for price to stay above 0.5700 to maintain bullish bias.
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.
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.