NZDUSD: Waiting for breakout

Last week I wrote about a possible breakout happening in the NZDUSD, it did brake, however it kept ranging in a pretty tight range, a short term range in between 0.6529 and 0.6621. Please take a look at the next chart.

NZDUSD
NZDUSD

After 6 trading days in that range, now its about time we see some action, and we need to be prepared for that.

Here is my trading plan:

If the market breaks 0.6621 for the upside, I will be looking for long opportunities targeting the next LT resistance level around 0.6913.

If the market breaks 0.6529 for the downside, I will be looking for short opportunities targeting the next LT support level around 0.6242

If the market keeps trading in that little range, I will do nothing.

Good luck

Raul Lopez

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Raul Lopez

I’ve been trading the markets for more than 15 years. I believe the best way to trade is by adapting to the market conditions. You can learn it too, join our community .