NZDUSD Bounced from Its Support, Prepare For a Further RisePublished on: 2018-04-16 02:32 GMT
NZDUSD bounced nicely off its support, we expect to see it rise further.
Buy above 0.7347. Stop loss at 0.7319. Take profit at 0.7394.
Reason for the trading strategy (technically):
NZDUSD bounced nicely off its support at 0.7347 (61.8% Fibonacci extension, 23.6% Fibonacci retracement, horizontal overlap support) where we expect to see it rise further to its resistance at 0.7394 (horizontal swing high resistance).
Stochastic (34, 5, 3) bounced off its support at 4.2% where we expect to see a corresponding rise.