NZDUSD Long -Ascending Channel/Retracement of 23.8% Fib Level!
Updated
-This is a really good buy opportunity on the reversal of the 23.8% fib level.
-A confluence in the higher timeframe we see ascending channel which indicates a bullish trend.
-Another confluence is that 50EMA is below price which shows that we should be looking for bullish signals for this pair.
-The supply turned demand zone is in line with the 23.8% fib level which price could potentially retrace from.
-Look for a strong bullish candle confirmation around the 23.8% level to buy this pair.
Let's see how price will react during the week!
Make sure to like and comment your ideas/opinions on this pair!
-A confluence in the higher timeframe we see ascending channel which indicates a bullish trend.
-Another confluence is that 50EMA is below price which shows that we should be looking for bullish signals for this pair.
-The supply turned demand zone is in line with the 23.8% fib level which price could potentially retrace from.
-Look for a strong bullish candle confirmation around the 23.8% level to buy this pair.
Let's see how price will react during the week!
Make sure to like and comment your ideas/opinions on this pair!
Trade closed: target reached
Note
Even though I was looking for retracement, there was a strong bullish confirmation which indicated that price could breakout and bulls will take control of this pair.This was a very good trade with a risk to reward ratio of 1:5
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