NZDUSD Approaching Strong Resistance, Time To Sell
NZDUSD is seeing some strong resistance levels above it, presenting us with a good selling opportunity.
Sell below 0.7277. Stop loss at 0.7305. Take profit at 0.7203.
Reason for the trading strategy (technically):
Price is approaching major resistance at 0.7277 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance) and a strong reaction could occur at this level to push prices down to 0.7203 support (Fibonacci retracement, horizontal swing low support).
Stochastic (89,5,3) is seeing bearish divergence along with major resistance at 93% signalling that a reversal is impending.
Sell below 0.7277. Stop loss at 0.7305. Take profit at 0.7203.
Reason for the trading strategy (technically):
Price is approaching major resistance at 0.7277 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance) and a strong reaction could occur at this level to push prices down to 0.7203 support (Fibonacci retracement, horizontal swing low support).
Stochastic (89,5,3) is seeing bearish divergence along with major resistance at 93% signalling that a reversal is impending.