Today the trading ideas are NZDUSD and AUDUSD and price action is again on our side. NZDUSD Trade Setup The nice bullish engulfing that formed on the chart is just above a support level. As you can see from the chart, the support level is at 0.7200. I will be looking for a possible short retracement and possibly a long trade. My hypothetical stop would be placed just under 0.7200. As a first potential target, I am looking at 0.7500. That is where the major resistance is and we will need to see a lot of buyers coming in to turn this one down. A few additional factors to consider: Pin forming on weekly Major resistance level is far away and is offering a potential good risk: reward Check out the chart of this setup: AUDUSD Trade Setup The second and logical trade setup is AUDUSD. Here, we have a very similar scenario as with the NZDUSD. There is a bullish engulfing that formed on the daily. The price action engulfed two red candles, which gives, even more, significance to the setup. If there is a small retracement back to 0.7900 and I see a price action confirmation, I might act on it. Check the chart below for more: Guest post by www.colibritrader.com Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next 3 reasons why the dollar is down Yohay Elam 6 years Today the trading ideas are NZDUSD and AUDUSD and price action is again on our side. NZDUSD Trade Setup The nice bullish engulfing that formed on the chart is just above a support level. As you can see from the chart, the support level is at 0.7200. I will be looking for a possible short retracement and possibly a long trade. My hypothetical stop would be placed just under 0.7200. As a first potential target, I am looking at 0.7500. That is where the major resistance is and we will need to see a lot of buyers coming in to… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
