NZDUSD: Trade Opportunities for Buyers and Sellers
The price reached the downtrend line, and the market will be able to give us trade opportunities.
If the price bounces from the downtrend line and breaks the local uptrend line, it will be a sell signal. Stop orders for such trades must be placed above the downtrend line and the local swing high. The profit target should be at 0.62050. This trading idea is based on the continuation of the main downtrend.
If the price breaks the downtrend, it will give us a trend reversal signal. It will be possible to open long trades with stop orders below the local swing low. The profit targets should be placed at the resistance levels. It is possible to buy based on the breakout signal. But it will be better to wait for a pullback to the trend line and use a reversal signal for buying.
RSI, MACD histogram should confirm the reversal signal and the downward movement.
The breakout will be confirmed by bullish signals from MACD and DMI, where ADX line will move upward.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
If the price bounces from the downtrend line and breaks the local uptrend line, it will be a sell signal. Stop orders for such trades must be placed above the downtrend line and the local swing high. The profit target should be at 0.62050. This trading idea is based on the continuation of the main downtrend.
If the price breaks the downtrend, it will give us a trend reversal signal. It will be possible to open long trades with stop orders below the local swing low. The profit targets should be placed at the resistance levels. It is possible to buy based on the breakout signal. But it will be better to wait for a pullback to the trend line and use a reversal signal for buying.
RSI, MACD histogram should confirm the reversal signal and the downward movement.
The breakout will be confirmed by bullish signals from MACD and DMI, where ADX line will move upward.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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