NZDUSD: Time at mode downtrend failure and new bullish signal
Updated
Analysis on chart, simple.
We can go long on 50% retracement of today's bar from open to high.
Stop at the open or at the mode below: 0.65762.
Rgmov confirms the trade, it broke out of a long term downtrend trendline and bottomed ahead of price.
Nice CCI divergence and higher momentum than previous peak, implying this rally is sharper than the declines before.
Once we clear 0.67375, this pair can fly.
For now, I'm long using an NZDCAD pair trade to be safe, since NZDCAD fired an even larger uptrend signal, and Cad being bounded to crude suffers constantly from its fall.
I couldn't publish it on time, but it looks like a great opportunity now that it's confirmed.
FullTimeProTrader did post a buy, so props to him for the keen eye.
Good luck!
Ivan.
We can go long on 50% retracement of today's bar from open to high.
Stop at the open or at the mode below: 0.65762.
Rgmov confirms the trade, it broke out of a long term downtrend trendline and bottomed ahead of price.
Nice CCI divergence and higher momentum than previous peak, implying this rally is sharper than the declines before.
Once we clear 0.67375, this pair can fly.
For now, I'm long using an NZDCAD pair trade to be safe, since NZDCAD fired an even larger uptrend signal, and Cad being bounded to crude suffers constantly from its fall.
I couldn't publish it on time, but it looks like a great opportunity now that it's confirmed.
FullTimeProTrader did post a buy, so props to him for the keen eye.
Good luck!
Ivan.
Trade closed: stop reached
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