Excellent risk:reward trade on NZDUSD.
For technicals, we see price coming down to consolidate at a prior resistance zone, and MACD divergence.
Fundamentally, if there are positive news on the trade war front, commodity currencies like NZD is likely to get a boost. The dovishness of the Fed will also help to suppress US dollar strength.
Traders can look for long trade to first target and final target as indicated in chart, CONDITIONED ON the breakout upwards through the trend line, with entry AT THIS PERIOD indicated in the chart as well.
For technicals, we see price coming down to consolidate at a prior resistance zone, and MACD divergence.
Fundamentally, if there are positive news on the trade war front, commodity currencies like NZD is likely to get a boost. The dovishness of the Fed will also help to suppress US dollar strength.
Traders can look for long trade to first target and final target as indicated in chart, CONDITIONED ON the breakout upwards through the trend line, with entry AT THIS PERIOD indicated in the chart as well.
Trade closed: stop reached:
Stops were a tad too tight.
Will re-enter at the same level.
Will re-enter at the same level.