NZDUSD Has Broken Major Support, Remain Bearish For Further Drop
NZDUSD is seeing a bearish acceleration after breaking key ascending support.
Sell below 0.7282. Stop loss at 0.7305. Take profit at 0.7230.
Reason for the trading strategy (technically):
Price has reversed nicely and has made a bearish exit from our ascending support-turned-resistance line. We look to sell below major resistance at 0.7282 (Fibonacci retracement, horizontal overlap resistance) for a push down to major support at 0.7230 (Fibonacci retracement, horizontal swing low support).
RSI (34) sees that we have made a recent bearish exit from our ascending support-turned-resistance level signalling that we could expect more bearish momentum.
Sell below 0.7282. Stop loss at 0.7305. Take profit at 0.7230.
Reason for the trading strategy (technically):
Price has reversed nicely and has made a bearish exit from our ascending support-turned-resistance line. We look to sell below major resistance at 0.7282 (Fibonacci retracement, horizontal overlap resistance) for a push down to major support at 0.7230 (Fibonacci retracement, horizontal swing low support).
RSI (34) sees that we have made a recent bearish exit from our ascending support-turned-resistance level signalling that we could expect more bearish momentum.
Trade closed: target reached:
Whoo! profit target reached!