NZDUSD is approaching its support where we expect to see a bounce.
- Buy above 0.6545
- Stop loss at 0.6501
- Take profit at 0.6603
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Reason for the trading strategy:
NZDUSD is approaching its support at 0.6545(100% & 61.8% Fibonacci extension, 78.6% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 0.6603 (38.2% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) is approaching its support at 3.7% where a corresponding bounce could occur.
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