LONG NZDUSD LONG, RR 1 : 2.3
NZDUSD currently ranging around fibs level 61.8%, gaining support at 0.7420 area. A potential LONG can be executed with reasonable risk reward ratio.
Reason :
- 4 hourly chart, support at 0.7420 holding firm.
- Price rejection at fibs level 61.8%, hammer formed.
- Possible upside target to -27.2% fibs level @ 0.7600 area.
- Simple textbook price action in play.
- Reasonable risk reward to long.
- Potential to reach next resistance points :
Entry point Long : CMP or any pullback at 0.7400~0.7385 area ; TP : 0.7600 (+180pips) ; SL below 78.6% fibs level
Risk Reward 1 : 2.3
Always remember to trade with stop-loss, market is crazy & cunning*
Reason :
- 4 hourly chart, support at 0.7420 holding firm.
- Price rejection at fibs level 61.8%, hammer formed.
- Possible upside target to -27.2% fibs level @ 0.7600 area.
- Simple textbook price action in play.
- Reasonable risk reward to long.
- Potential to reach next resistance points :
Entry point Long : CMP or any pullback at 0.7400~0.7385 area ; TP : 0.7600 (+180pips) ; SL below 78.6% fibs level
Risk Reward 1 : 2.3
Always remember to trade with stop-loss, market is crazy & cunning*
Trade closed: stop reached:
SL hit, nice try.
