NZDUSD has made a pullback to strong resistance presenting us with a good opportunity to short it.
Sell below 0.7249. Stop loss at 0.7289. Take profit at 0.7154.
Reason for the trading strategy (technically):
Price has risen since yesterday and is now testing major resistance at 0.7249 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and a strong reaction could occur at this level to push prices down to next support at 0.7154 (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance at 94% where a corresponding reaction could occur.
Sell below 0.7249. Stop loss at 0.7289. Take profit at 0.7154.
Reason for the trading strategy (technically):
Price has risen since yesterday and is now testing major resistance at 0.7249 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and a strong reaction could occur at this level to push prices down to next support at 0.7154 (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance at 94% where a corresponding reaction could occur.