Daily – NZDUSD prepare to buy for a push up

Published on: 2017-07-13 01:01 GMT

Buy above 0.7246. Stop loss at 0.7220. Take profit at 0.7289.

Reason for the trading strategy (technically):
Price is testing major support at 0.7246 (Fibonacci retracement, horizontal overlap support, bullish price action) and we expect to see a bounce above this level for a rise to at least 0.7289 resistance (Fibonacci retracement, Fibonacci extension, horizontal resistance).

RSI (34) has made a bullish exit of its long term descending resistance-turned-support line signalling that a change in momentum has started to occur.