Crude Oil False Break Setup, NZDUSD Trade Update | Jun 3rd
Crude Oil – Still Bullish Bias, Daily 20 ema Rejection
Forming a series of higher lows on the daily charts while holding the upside 104.50/105 resistance, the commodity pulled back to the dynamic support and daily 20 ema, forming an intra-day rejection. Looking at the 4hr chart below, notice how the last bear leg ended with a strong bear close, but was immediately followed by buying pressure.
The support level around 102.60 was ‘recovered‘, suggesting a potential false break.
Our Trade Idea: Look for a corrective pullback into 102.55/30 area to get long from the potential false break setup and move higher. Stops will be below the daily lows, while upside targets will be 104.25 and potentially tagging 104.96.
NZDUSD – Role Reversal Trade Hits Full Profit Target
The NZDUSD trade we’ve been talking about in our members commentary has hit its profit target today at 8420 for +95 pips. Congrats to all the members that emailed me their trades profiting from this. For now, I’d like to see if we can get a corrective pullback towards the 8515 level as I’d consider selling from there again.
Our Trade Idea: Waiting on the sidelines, looking for a corrective pullback and possible short entry.
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