NZDUSD dropping nicely, remain bearish
Sell below 0.7244. Stop loss at 0.7300. Take profit at 0.7178.
Reason for the trading strategy (technically):
Price touched our selling area before reversing strongly. We remain bearish looking to sell below major resistance at 0.7244 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) for a push down to at least 0.7178 support (Fibonacci extension, horizontal swing low support) once again.
Stochastic (21,3,1) is seeing strong resistance at 95% and still has good downside potential to ride the drop down.
Reason for the trading strategy (technically):
Price touched our selling area before reversing strongly. We remain bearish looking to sell below major resistance at 0.7244 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) for a push down to at least 0.7178 support (Fibonacci extension, horizontal swing low support) once again.
Stochastic (21,3,1) is seeing strong resistance at 95% and still has good downside potential to ride the drop down.