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MEX_Exchange

NZDUSD continues to form a reversal signal, remain bearish

Short
New Zealand Dollar / U.S. Dollar (FX:NZDUSD)  
MEX_Exchange  
FX:NZDUSD   New Zealand Dollar / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns NZDUSD NZD USD nzdusdshort nzdusdlong nzdusdtrade nzdusddaily nzdusdsell nzdusdbreakout
80
3
trendanalysis harmonicpatterns chartpattern nzdusd nzd usd nzdusdshort nzdusdlong nzdusdtrade nzdusddaily nzdusdsell nzdusdbreakout

Sell below 0.7188. Stop loss at 0.7280. Take profit at 0.7041.
Reason for the trading strategy (technically):
Price continues to hover around our selling area and is forming a nice reversal signal with a strong shooting star candlestick formation signalling selling pressure. We are still unable to break through our ascending channel which would be the major trigger for our bearish move. For now, we remain bearish below major resistance at 0.7188 (Fibonacci retracement, horizontal overlap resistance, bearish divergence) and we expect price to push down to at least 0.7041 support (Fibonacci retracement, horizontal pullback support). Only a break of this channel would confirm further downside move.
RSI (34) is testing major ascending support and is starting to break below it. Only a clear break of our ascending support would trigger a strong bearish drop on price.
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