Rising Wedge on NZD/USD

Rising Wedge on NZD/USD

Currently, the bullish sentiment prevails on NZD/USD. At the same time, in the near future, we do not exclude the technical correction. On the trading instrument, the classic figure of the technical analysis, Ascending wedge, (M30 timeframe) was formed, which often acts as a reversal formation. We recommend you to pay attention to this situation.

If the price fixes below the local support of 0.74200, it is necessary to consider sales of NZD/USD. The closest target for profit taking is the 0.73750 mark. When tracking the position, we recommend using a trailing stop.

by JustForex, 2017.07.21

View trading ideas by the Price Action method.

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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