NZDUSD currently ranging around fibs level 23.6%, gaining support at 0.7400 area. A potential LONG can be executed with reasonable risk reward ratio.
Reason :
- 3 hourly chart, support at 0.7400 holding firm.
- Price rejection at fibs level 38.2% & my EMA21, leaving long tail below.
- Possible upside target to -27.2% fibs level @ 0.7480 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 0.7420 area ; TP : 0.7480~85 (+60pips) ; SL below 50% fibs level
Risk Reward 1 : 1.9
Always remember to trade with stop-loss, market is crazy & cunning*
Reason :
- 3 hourly chart, support at 0.7400 holding firm.
- Price rejection at fibs level 38.2% & my EMA21, leaving long tail below.
- Possible upside target to -27.2% fibs level @ 0.7480 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 0.7420 area ; TP : 0.7480~85 (+60pips) ; SL below 50% fibs level
Risk Reward 1 : 1.9
Always remember to trade with stop-loss, market is crazy & cunning*
Trade closed: stop reached:
TP hit in 12 hour time. Great call
Trade closed: target reached:
TP hit in 12 hour time. Great call*
