POSSIBLE NZDUSD BUY - REJECTIONS ON 1D+4HRS
As illustrated, the pair has reached the bottom trend line (4HRS and 1D), and has shown a rejection of the linear level through the long lower wick .
The formation is able to demonstrate that the Bears in the market had tried to push the market much lower but had been rejected following on from the candle closure that had occurred as of 6PM (UK Time). This closure had then been followed up by a Bullish candlestick, therefore suggesting that the Bulls are emerging into the market.
There is also also further confluence when we consider the fact that the pair is also low on RSI.
The formation is able to demonstrate that the Bears in the market had tried to push the market much lower but had been rejected following on from the candle closure that had occurred as of 6PM (UK Time). This closure had then been followed up by a Bullish candlestick, therefore suggesting that the Bulls are emerging into the market.
There is also also further confluence when we consider the fact that the pair is also low on RSI.
Trade closed: target reached:
After several times of being closed out of the trade, I had re-entered on the Zone after the rejections had occurred and had managed to bag a total of 70pips.