NZD Long Swing Trade Idea

13 Ağu 2023

By looking at the monthly chart we can see that price action is overall bullish on a bearish retracement. Price just dipped below the 62%, hit equilibrium and and is now retracing again to the discount OTE zone on the daily chart at which time we can anticipate this overall long term trend to hold. Classic chartist pattern descending channel is forming on the daily recent price action which should false break to the downside, wick into the monthly order block mean threshold and expand away from it immediately. Ideal scenario is an entry around 0.58350 level where a fair value gap overlaps the monthly order block mean threshold. Ideal profit taking for a partial or first profit is above the highs on the daily chart at 0.65120, again at 0.68850 and finally at 0.75510 above the old weekly highs.