NZDUSD - Shooting star at historical level

NZDUSD has been flirting with this level for a while now. Initially, I though that price would hit this resistance level and sell off lower, but I'm seeing bulls re-test time and time again and I actually think this may break out to the long side.

TL has also published that he thinks price will head lower, so I'm going to go along with him for now, but I'm watching carefully for signs of reversal. Looks like there could be some support at 0.7200. If we can break through that then we should be good to go to 0.7100 and perhaps lower.

But if price does rebound off of 0.7200, we will get another attempt at breaking through the resistance, in which case, I'll switch to a long position.

Weekly chart

Trade fermée: ordre d’arrêt atteint:

I could see signs that there was strength in the pair and I was preparing to wait, when TK gave it as a trade signal, so I took it. Constantly there were signs that Bulls were winning the battle. Eventually they won and pushed price above resistance. Consider going long on any pullbacks.