Potential Long Opportunity for NZDUSD
We see prices testing previous support turned resistance at current price level. My previous target on NZDUSD has been reached, and now i am looking at this pair with a "fresh pair of eyes". From the price action, i am more inclined to believe that prices should breakout from current resistance. In the event of a breakout, i will open a long position on pullback. My TP and SL is shown with risk-reward ratio of 1. I believe a long position will have a higher probability of success since we will be trading above the 200 EMA; hence possibly the trend.
I do want to note down that in the event prices gets rejected on current resistance (you never know; it can happen), then the long trade setup might be invalid and we will instead look at a short-term short opportunity when price breaks below trendline, before selling on pullback.
We are in the businesses of reacting to the prices and applying our strategy appropriately. There is no guarantee in trading so trade wisely :)
I do want to note down that in the event prices gets rejected on current resistance (you never know; it can happen), then the long trade setup might be invalid and we will instead look at a short-term short opportunity when price breaks below trendline, before selling on pullback.
We are in the businesses of reacting to the prices and applying our strategy appropriately. There is no guarantee in trading so trade wisely :)