NZDUSD testing major resistance, time to sell
NZDUSD is at a good opportunity to sell.
Sell below 0.7306. Stop loss at 0.7341. Take profit at 0.7249.
Reason for the trading strategy (technically):
Price is testing major resistance at 0.7306 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) and a strong drop could occur at this level to push price all the way down to 0.7249 support (Fibonacci retracement, horizontal swing low support). We do have to be cautious about 0.7276 intermediate support as price might bounce off there.
Stochastic (34,5,3) is seeing major resistance below 95% where a corresponding reaction could occur.
Sell below 0.7306. Stop loss at 0.7341. Take profit at 0.7249.
Reason for the trading strategy (technically):
Price is testing major resistance at 0.7306 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) and a strong drop could occur at this level to push price all the way down to 0.7249 support (Fibonacci retracement, horizontal swing low support). We do have to be cautious about 0.7276 intermediate support as price might bounce off there.
Stochastic (34,5,3) is seeing major resistance below 95% where a corresponding reaction could occur.