BannaKhan
Long

Is it time for NZDUSD to change the course of action??

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
Hi fellas,

As we can see NZDUSD pair has pushed right down and touched a major level of support. The same level has acted as both support and resistance on a number of occasion plus the RSI is also in oversold territory. From past we have seen the pair is more likely than not to react when reaches major level like this. I will be going long from here with a potential tp1 marked on the next resistance level and manage thereafter.

Trade safe and good luck.

Let me know your thoughts.
Trade active: Reversed nicely. Just needs to see it through.
Trade closed manually: Closed with 60 pips. Will re-enter again later.
Thar she blows!
Reply
BannaKhan Captain_Walker
@Captain_Walker, already entered short earlier today and closed my trade with 80+ pips .
Reply
The evidence so far is of a ceiling developing to keep price under 0.67665
+1 Reply
BannaKhan Captain_Walker
@Captain_Walker, Totally agree mate, facing strong resistance hence closed the trade will re-enter if I get another clear entry.
+1 Reply
Caution: this is not advice - just experience.

Reply
BannaKhan Captain_Walker
@Captain_Walker, I see what you mean, It can create a quickfire double bottom before shooting up. Not worried.
Reply
@BannaKhan, It's already hit a bottom and may retest one more time (or not). I'm too uncertain, so I'll stay out and miss out.
Reply
BannaKhan Captain_Walker
@Captain_Walker, It might retest 0.67200 before pulling back.
Reply
@BannaKhan, Possibly. I don't have a crystal ball. It's a third major retest of band of support. Time momentum and squeeze momentum as shown on the chart is heavily for the bears. Plus I've seen price contractions go too far into wedges and fail to break in the opposite direction. Hence, I'm too much in doubt about a bounce out off the support level. I could well miss out on a good thing. The markets are there to make me feel stupid. I don't need to win this position or any other. My aim is to win the war, not a minor skirmish. :)
Reply
BannaKhan Captain_Walker
@Captain_Walker, Very well said buddy. Word of wisdom.
Reply
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