Today’s trading setup is coming from NZDUSD. I am looking at a potential long entry. The daily candle is a nice bullish engulfing. As you can see form the chart, it is just above the support level at 0.7200. I will be looking for a short retracement and possibly a long trade. My hypothetical stop would be placed just under 0.7200. As a first potential target I am looking at 0.7500. That is where the major resistance is and we will need to see a lot of buyers coming in to turn this one down.