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NZDUSD Trading Setup

Posted on Feb 21st, 2017

by colibritrader

NZDUSD Trading Setup

The trading week started with an American holiday. Let’s see what it has to offer us for the next few trading days. Today’s activity on the German and American stock markets was extremely bullish.

The trading setup from last time is still looking bullish. The price has not broken the imminent support or resistance areas. It is taking its time to find a way. The intraday activity does not seem extremely bullish. I am not considering adding to this pair for the time being. Just keeping my tight stops in place. If EURCAD goes up, there is a great potential for a huge move.

NZDUSD Trading Setup

The trading setup from today is coming from NZDUSD. I am looking at a minor support area that is showing some signs of strength. The daily candle is a pin bar-like candle. NZDUSD is looking ready to continue its uptrend. Although, not a great pin bar, I am looking at the support level and the bearish rejection. This tells me that more buyers will be rushing in to push the price higher in the coming sessions. I will be looking for a small retracement down to 0.7155. Then, I will consider opening a long position with a tight stop just below 0.7130. My target are: 0.7240 and a secondary target at 0.7400.

Happy Trading,

Colibri Trader

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