NZDUSD testing channel support, remain bullish
Buy above 0.7041. Stop loss at 0.6946. Take profit at 0.7197.
Reason for the trading strategy (technically):
Price is testing channel support and it might make a fake bearish breakout because we see major support at 0.7041 (Fibonacci retracement, Fibonacci extension, horizontal pullback support). We remain bullish above this level for a push up to at least 0.7197 resistance (Fibonacci extension, horizontal swing high resistance).
RSI (34) sees multiple ascending support lines holding current price action up. Only a break of these liens would trigger a bearish move.
Reason for the trading strategy (technically):
Price is testing channel support and it might make a fake bearish breakout because we see major support at 0.7041 (Fibonacci retracement, Fibonacci extension, horizontal pullback support). We remain bullish above this level for a push up to at least 0.7197 resistance (Fibonacci extension, horizontal swing high resistance).
RSI (34) sees multiple ascending support lines holding current price action up. Only a break of these liens would trigger a bearish move.