Bullish Engulfing at AMA—Could We See a Bounce to 61.8%?
Updated
Bullish Engulfing at AMA—Could We See a Bounce to 61.8%?
After that steep drop in NZD/USD, it looks like the bulls might be waking up. We’ve just spotted a nice bullish engulfing pattern right at the AMA (Adaptive Moving Average), which usually hints that a bounce could be on the way.
If you’re into Fibonacci levels, you’ll notice that the 61.8% retracement level at 0.60454 is lining up as a sweet spot for a potential move up. This level often acts like a magnet, pulling prices back after a big move.
Thinking about getting in? A long position here could make sense, aiming for that 61.8% level. Just remember to keep it safe with a stop loss below the recent low, around the 23.6% level. That way, you’re balancing risk and reward pretty nicely.
This setup could be a good opportunity to catch a retracement after yesterday’s sell-off, especially with that bullish pattern giving us some confidence.
After that steep drop in NZD/USD, it looks like the bulls might be waking up. We’ve just spotted a nice bullish engulfing pattern right at the AMA (Adaptive Moving Average), which usually hints that a bounce could be on the way.
If you’re into Fibonacci levels, you’ll notice that the 61.8% retracement level at 0.60454 is lining up as a sweet spot for a potential move up. This level often acts like a magnet, pulling prices back after a big move.
Thinking about getting in? A long position here could make sense, aiming for that 61.8% level. Just remember to keep it safe with a stop loss below the recent low, around the 23.6% level. That way, you’re balancing risk and reward pretty nicely.
This setup could be a good opportunity to catch a retracement after yesterday’s sell-off, especially with that bullish pattern giving us some confidence.
Trade closed: target reached
Good Run
Tanakorn Koomrampai ,CMT, CFTe
FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
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