NZDUSD: False Breakout and Buy Opportunity
The trading ideas is based on a possible false breakout below the daily uptrend line. The price reached the support zone at 0.65225, and we can expect a possible reversal. RSI is in the oversold zone. MACD histogram supports the reversal and further upward movement.
Yes, DMI still confirms the strength of sellers. But it is only one solid bearish signals against several bullish.
If the price moves above the trend line and breaks 0.65500, it will be a buy opportunity. Stop orders for long positions must be placed below the local swing low. The main profit target should be at SMA100.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Yes, DMI still confirms the strength of sellers. But it is only one solid bearish signals against several bullish.
If the price moves above the trend line and breaks 0.65500, it will be a buy opportunity. Stop orders for long positions must be placed below the local swing low. The main profit target should be at SMA100.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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.