NZDUSD has completed a double bottom reversal and is looking really nicely setup to rise further.
Buy above 0.7276. Stop loss at 0.7251. Take profit at 0.7341.
Reason for the trading strategy (technically):
Price has formed a sort of double bottom reversal and our major support remains at 0.7276 (Fibonacci retracement, horizontal overlap support, double bottom exit) and we look to buy above this level for a push up towards 0.7341 resistance (Fibonacci retracement, horizontal swing high resistance). We do have to keep a watch out for immediate resistance at 0.7307 (Fibonacci retracement, horizontal overlap resistance) which needs to be broken to open a further rise.
RSI (34) sees ascending support hold up our bullish momentum really well.
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Desmond Leong provides technical analysis to the largest banks, hedge funds, and brokers whilst coaching hundreds of aspiring traders. He specializes in providing actionable and accurate analysis that utilizes the most advanced theories.
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