NZDUSD testing major resistance, prepare to sell
Sell below 0.7322. Stop loss at 0.7372. Take profit at 0.7223.
Reason for the trading strategy (technically):
Price is now testing major resistance at 0.7322 (Fibonacci retracement, horizontal overlap resistance) and we expect to see a reaction from this level for a push down to at least 0.7223 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below 96% level and we expect to see a corresponding drop in price from.
Reason for the trading strategy (technically):
Price is now testing major resistance at 0.7322 (Fibonacci retracement, horizontal overlap resistance) and we expect to see a reaction from this level for a push down to at least 0.7223 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below 96% level and we expect to see a corresponding drop in price from.