NZDUSD – Buy Setup at Key Support of Expanding Triangle | May 22

NZDUSD – Buy Setup At Key Support of Expanding Triangle
On May 7th in our daily market commentary, we talked about the expanding triangle and how the overall structure was supportive for a bullish continuation, after a return to the bottom of said triangle. The pair is getting quite close to that support level around 8520/30. The order flow beyond such a structure suggests to us the upside is more favored, and this is further supported by ichimoku wave theory (a Y-wave structure).

Our Trade Idea: I’m placing a limit order to buy around 8520 with stops below the ‘big figure’ at 8500. Upside targets will be 8600 (daily 20 ema) while gunning for a larger move up to 8700+, ideally tagging near the upper 10% of the rising resistance line which currently comes in around 8790.

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