NZDUSD Forming Doji at Support, 50 SMA
One of my favorite technical patterns here on NZDUSD: today's candlestick is forming a dojo at a previously established support level, and has also bounced off the 50 SMA. Price is in an uptrend and has pulled back. I should note the candle hasn't closed yet, and price hasn't reached the 50% Fibonacci retracement from the recent swing low to swing high -- another preference of mine -- but I thought the signs were strong enough to warrant entering. I'm also seeing signs of NZD strength and USD weakness against other currencies, which I think also bodes well for this trade.
informedtrades.com
informedtrades.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.