FX.co ★ NZDUSD bullish momentum | 26th Oct 2021

Price broke out of the descending trendline resistance, signifying a bullish momentum. We can expect the price to bounce from 1st support in line with graphical overlap and push towards the 1st resistance in line with 61.8% Fibonacci Projection and overlap resistance. Our bullish bias is further supported by price holding above the Ichimoku cloud and stochastic indicator where the %K line bounced off the support level.

Trading Recommendation

Entry: 0.715451

Reason for Entry:

Graphical Overlap

Take Profit: 0.72134

Reason for Take Profit:

61.8% Fibonacci projection

Stop Loss: 0.70955

Reason for Stop Loss:

38.2% FIbonacci retracement