NZDUSD pin bar with conlfuence
The pair has formed a great pin bar at an area with many points of confluence, first price has denied major psychological level 90.00 wich aligns with 50% fib retracement of previous bear move, on top of that it is a retest of short term trend break and 150 EMA test all of wich might act as resistance.
Risk wise, the first area where price might have trouble is around 88.0 where will make a great first target and if stop loss is placed just above the high of the pinbar it also offers a nice 1:1 RR. If the prementioned area breaks there is potencial that price might reach 85.00.
Risk wise, the first area where price might have trouble is around 88.0 where will make a great first target and if stop loss is placed just above the high of the pinbar it also offers a nice 1:1 RR. If the prementioned area breaks there is potencial that price might reach 85.00.
