Dear Price Action Traders,

In our daily price action report, we will cover signal coming from the NZD/USD. Obviously, the bears couldn’t break the support level at 0.7700 and after a few rejections around this level, the price is bouncing back forming a daily Bullish-Engulfing candlestick pattern. The power of this signal is stronger than usual, especially because price has tested a major support level. Having said that, we do have a buy trigger at 0.7800 with a stop loss at 0.7690. Our primary target is the level of 0.8050, but as I have said in the previous articles, it is all about price action and how it reacts with different price levels. Therefore, targets might extend themselves in time or reduce, as well depending on the current events and the traders’ psychology. One thing should be kept on top of your trading diary and it is that the winning trading is the patient trading!

Happy Trading,

Colibri Trader

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