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Hello Traders we are looking at the NZDUSD 60 minute chart today as in Asia we had a rate decision and they made no change and left rates unchanged early in the Asia session. This trade set up is a counter trend trade as I am bias bearish on this. I see a possible buy set up as I have placed a Fibonacci tool on the chart and we also had a gap open today. I am looking for a pullback to the 61.8 level at the price of 0.7040 and look for a bullish candle formation for your entry. I am looking to take profit at the resistance zone as marked on the chart at the price of 0.7147. I am placing my stop at the 50% Fibonacci level at the price of 0.7021, so we are looking at an 3 to 1 ratio on this trade plan.

Thank you traders and we will talk soon…..William

FX Instructor Forex Blog – For Traders, By Traders

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