MEX_Exchange

NZDUSD testing major resistance, remain bearish

Short
FX:NZDUSD   New Zealand Dollar / U.S. Dollar
Sell below 0.7337. Stop loss at 0.7373. Take profit at 0.7223.
Reason for the trading strategy (technically):
Price is now testing major resistance at 0.7337 (Fibonacci retracement, horizontal swing high resistance, bearish divergence) and we expect a drop from this level to at least 0.7223 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is reversing nicely below our 96% resistance and we also see bearish divergence vs price signalling that a reversal is impending.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.