NZDUSD broken major support, prepare for the drop
Sell below 07283. Stop loss at 0.7349. Take profit at 0.7188.
Reason for the trading strategy (technically):
Price has finally broken our major support-turned-resistance level at 0.7283 (Fibonacci retracement, horizontal swing low support) triggering a bearish move to 0.7188 support (Fibonacci retracement, horizontal pullback support).
RSI (34) sees a bearish exit of our long term ascending support-turned-resistance line and also a break below our 51% support signalling a big drop from here.
Reason for the trading strategy (technically):
Price has finally broken our major support-turned-resistance level at 0.7283 (Fibonacci retracement, horizontal swing low support) triggering a bearish move to 0.7188 support (Fibonacci retracement, horizontal pullback support).
RSI (34) sees a bearish exit of our long term ascending support-turned-resistance line and also a break below our 51% support signalling a big drop from here.