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theforexarmy

NZDUSD Bounced Off Support, Prepare For A Further Rise

Long
New Zealand Dollar / U.S. Dollar (OANDA:NZDUSD)  
theforexarmy  
OANDA:NZDUSD   New Zealand Dollar / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns NZDUSD NZD USD nzdusdlong aud jpy CAD chf
4
0
trendanalysis harmonicpatterns chartpattern nzdusd nzd usd nzdusdlong aud jpy cad chf
Buy above 0.6540.
Stop loss at 0.6522.
Take profit at 0.6572.
Reason for the trading strategy (technically):
NZDUSD bounced nicely off its support at 0.6540 (61.8% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 0.6572 (61.8% Fibonacci retracement).
Stochastic (89, 5, 3) is bounced off its support at 3.6% where a corresponding rise could occur.
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