Hello Traders,
Let’s hit the charts:
1. NZD/USD
NZD/USD is currently resting on a key support level of an ascending channel.
There is a 50% chance of price hitting either NPRL or NPSL.
Personally, I would wait to see if price will break the key support zone before I take a sell and aim at NPSL.
My reason is simply that the risk-reward ratio is way more rewarding. If the price goes bullish tomorrow, I will be least bothered because the risk-reward ratio ain’t worth it.
2. NZD/JPY
This is the NZD/JPY setup, the differences between it and the NZD/USD setup is the fact that
- Price has hit a key support level for the 4th time on the NZD/JPY, which means the present support level may be a lot weaker than the previous, hence we may see a breakout
- The risk-reward ratio on price hitting either NPSL or NPRL is the same. So a bullish/bearish confirmation and entry won’t be a bad idea
What say you?
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