Hello traders, in this video, we will be discussing the NZD/USD pair on the 1-hour timeframe.
Based on our analysis, we have identified a support zone between 0.61720-0.61900. This support zone has been tested multiple times in the past and has held strong. Therefore, we believe that it is a good level to look for potential buying opportunities.
Our entry point for this trade will be at 0.61800. This level is just above the midpoint of the support zone and provides a good risk-reward ratio for our trade.
To protect ourselves from potential losses, we will set our stop loss at 0.6155. This level is just below the support zone and allows for a comfortable margin of safety.
Our target for this trade will be at 0.7100. This level is a significant resistance level that has not been tested in the past year. Therefore, we believe that if the price can break above this level, it has the potential to continue moving higher.
Additionally, the RSI indicator is showing bullish momentum, which supports our trade bias.
In summary, we are looking to buy the NZD/USD pair at 0.61800 with a stop loss at 0.6155 and a target at 0.7100. We will be monitoring this trade closely and will adjust our plan accordingly if necessary. Thank you for watching and happy trading!
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