NZDUSD range bound but remains bullish

NZDUSD range bound but remains bullish

Key Support: 0.7150
Key Resistance: 0.7200 – 0.7260

Mid Term View
The NZDUSD has been trading inside of a range since the beginning of the year but this doesn’t mean there are not opportunities here.

1H Chart Analysis
Price is trading around the weekly pivot and right now it’s retesting for the 4th time this week the weekly lows giving us a insane 1 to 5 risk to reward ratio on a long setup to TP2

Even though we are rangebound, the short term is bullish if we look at price action from last week until now. Price is now retesting the bottom of this structure giving our trade idea a higher probability of success.

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Author : Orlando Gutierrez

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