NZDUSDITS A SHORT TRADE BUT LETS SEE HOW IT GOES. AFTER IT HIT OUR TARGET WE MIGHT SEE A STRONG BEARISH MOVEMENT TOWARDS MY EXTENDED FIBONACCI AREA..
Nzdusdfib
NZDUSD bouncing up perfectly, remain bullishBuy above 0.6985. Stop loss at 0.6934. Take profit at 0.7092.
Reason for the trading strategy (technically):
Price has bounced up perfectly from our buying area once again and is on track to our profit target. We remain bullish above 0.6985 support (Fibonacci retracement, horizontal overlap support) for a further push up to 0.7092 resistance (Fibonacci extension, Fibonacci retracement, horizontal overlap resistance).
RSI (34) has made a really nice bullish exit signalling that a further bullish movement can be expected on NZDUSD. A bullish pullback to support is also seen signalling that a bounce is impending before a further rise.
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NZD Still In TroubleNZD is not the strongest currency in today's world. Combining that with a US in full speed ahead, gives you a strong short idea for this pair. It has already tested 50fib which also nicely aligned with a flat part of the baseline. It could indicate resistance. Chikou diving under the cloud, further indication on a short.
NZDUSD profit target reached perfectly, time to start sellingSell below 0.7240. Stop loss at 0.7285. Take profit at 0.7176.
Reason for the trading strategy (technically):
Price shot up and reached our profit target perfectly from yesterday. We now turn bearish below 0.7240 resistance (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) for a drop to 0.7176 support (Fibonacci retracement, horizontal overlap support).
Stochastic (21,5,3) is seeing strong resistance below the 92% level.
