MEX_Exchange
Long

NZDUSD on major support, time to start buying for a reversal

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
Buy above 0.6821. Stop loss at 0.6720. Take profit at 0.7052.
Reason for the trading strategy (technically):
Price has dropped strongly and is now testing major support at 0.6821 ( Fibonacci extension , horizontal swing low support) and we expect to see a nice bounce from this level to at least 0.7052 resistance ( Fibonacci retracement , horizontal overlap resistance).
Stochastic (34,3,1) is seeing strong support above 4.3% and it is starting to turn up signalling a reversal.

Comments

great review mex thanks !
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Hi sir, thanks for the good analysis on NZDUSD. Do you use any fibonacci in your analysis?
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Thanks MEX_Exchange for the analysis!
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Hi MEX_Exchange, please share more of your views, they're helping me a lot :)
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