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FxWirePro: Bullish Cypher formation on NZD/USD 4H charts; possible trade strategies

We see a 'Bullish Cypher' formation on NZD/USD 4H charts; with 0.6615 - Potential Reversal Zone. The MACD line crossed below its signal line on a 4-hour closing basis, suggests downside vulnerability ahead. Potential Ris…

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FxWirePro: Bullish Cypher formation on NZD/USD 4H charts; possible trade strategies
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  • We see a 'Bullish Cypher' formation on NZD/USD 4H charts; with 0.6615 - Potential Reversal Zone.
     
  • The MACD line crossed below its signal line on a 4-hour closing basis, suggests downside vulnerability ahead. 

Potential Risk: FOMC meet due NY Session

Trade Idea: Short

Enrty: 0.6760
SL: 0.68
TP: 0.67 

Short term strategy: Long

Entry: 0.6615/75
SL: 0.6570
TP1: 0.6695
TP2: 0.6744
TP3: 0.6775

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