NZD/USD Long Trade Setup (Next Week)NZD/USDOANDA:NZDUSDFX_YDNA 📌 Market Overview & Analysis • The NZD/USD pair has recently tested a key support level around 0.5550 and showed signs of bullish rejection, suggesting a potential reversal. • Price is currently trading around 0.5740-0.5750, which aligns with the 0.236 Fibonacci retracement level from the recent downtrend. • A break above this level could confirm a move towards the 0.382 Fibonacci retracement level (~0.5880) as the first target (TP1). • If momentum continues and market conditions support further upside, we will hold for TP2, which will depend on price action and momentum near the 0.618 Fibonacci level (~0.6056). 📊 Trade Plan 📍 Entry: • Long Position: Enter between 0.5730–0.5750, confirming bullish momentum with a break and close above 0.5747 (0.236 Fib level) on the 4H or daily timeframe. 🎯 Target Prices (Take Profit - TP): • TP1: 0.5880 (0.382 Fibonacci retracement level) • TP2: 0.6056 (0.618 Fibonacci retracement level, conditional on momentum) 📉 Stop-Loss (SL): • Below recent low at 0.5600, keeping a risk-reward ratio of at least 1:2. 📈 Trade Management & Exit Strategy: 1. If price reaches TP1 (0.5880): • Secure partial profits. • Move stop-loss to breakeven for remaining position. 2. If bullish momentum continues: • Hold towards TP2 (0.6056). • Monitor price action at resistance levels. 3. If market shows signs of rejection at 0.5880: • Consider exiting the full position. 📌 Market Conditions to Watch: • DXY (US Dollar Index): Weakness in the USD could further support NZD/USD upside. • Fundamental Events: Keep an eye on RBNZ and Fed statements, employment data, and CPI reports. • Momentum Confirmation: Ensure price is holding above 0.5747 before entering. 📝 Summary: • Trade Direction: Long • Entry: 0.5730–0.5750 • SL: Below 0.5600 • TP1: 0.5880 (0.382 Fib) • TP2: 0.6056 (0.618 Fib, if momentum sustains) • Risk-Reward Ratio: 1:2 or better • Key Confirmation: Bullish breakout & momentum