NZDUSD – 2nd Week of March

Daily Chart The market currently shows that market has a high probability to not trend lower with it being unable to break previous structure low (exhausting short-term selling with a bullish engulfing) and breaking previous bearish high (dotted line).  This puts the market in a higher probable bullish position than bearish.
1 Hour Chart As price action will be really sensitive to the engulfing closing made during the Friday’s price action, I would hope to see a gap down first before an entry, or price action to break key trend line (which is also my first take profit level ~ if entered earlier) and retrace.
Both trades will have an estimated RR of 1:3.1-3, tentatively the stop loss should be on structure low.

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