Outside Bar on NZD/USD

Outside Bar on NZD/USD

Near the round level of 0.72000, a classic pattern of the Price Action Outside Bar (H1 timeframe) was formed. This formation signals a possible correction in the near future. The local support is 0.71700.

We recommend looking for entry points to the market in order to open short positions if the NZD/USD quotes fix below the 0.71700 mark. The movement is tending potentially to 0.71300-0.71000. When tracking the position, it is better to use a trailing stop.

It is necessary to reduce risks when opening positions. This transaction is countertrend.

by JustForex, 2017.06.07

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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