NZDUSD dropping nicely, remain bearish
Sell below 0.7055. Stop loss at 0.7181. Take profit at 0.6822.
Reason for the trading strategy (technically):
Price has tested our major resistance area and is dropping nicely. We remain bearish looking to sell below major resistance at 0.7055 (Fibonacci retracement, horizontal overlap resistance, resistance area) and we’re expecting a drop from this level towards 0.6822 support (Fibonacci retracement, horizontal swing low support.
Stochastic (34,3,1) is seeing resistance at our 97% level and dropping nicely with good downside potential.
Reason for the trading strategy (technically):
Price has tested our major resistance area and is dropping nicely. We remain bearish looking to sell below major resistance at 0.7055 (Fibonacci retracement, horizontal overlap resistance, resistance area) and we’re expecting a drop from this level towards 0.6822 support (Fibonacci retracement, horizontal swing low support.
Stochastic (34,3,1) is seeing resistance at our 97% level and dropping nicely with good downside potential.