Author: ematrader

Here is a really nice short set-up on NZDUSD that I have found. The first chart shows confluence of: 1) A previous area of support and resistance. 2) The 55 and 200 ema’s. 3) 38.2 % fib retracement from the peak printed on August 1st. 4) 50% fib retracement from the peak printed on August 31st. 5) 0.8000 round number.

Possible long set-up here with a successful break and hold of the triangle/flag formation. Ideal entry would be at the 50% support level (1.5900) with a tight stop in anticipation of a breakout or on a back test of the sloping trend line following a successful break-out.