NZDUSD once again testing major resistance, remain bearish
Sell below 0.6853. Stop loss at 0.6887. Take profit at 0.6781.
Reason for the trading strategy (technically):
Price has risen and is now testing major resistance at 0.6853 (Multiple Fibonacci retracement, overlap resistance, multiple Fibonacci extensions) and we expect to see a strong reaction off this level to push price down to at least 0.6781 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance at 89% where we expect a corresponding reaction from.
Reason for the trading strategy (technically):
Price has risen and is now testing major resistance at 0.6853 (Multiple Fibonacci retracement, overlap resistance, multiple Fibonacci extensions) and we expect to see a strong reaction off this level to push price down to at least 0.6781 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance at 89% where we expect a corresponding reaction from.