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MEX_Exchange

NZDUSD right on resistance, sell for a corrective drop

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 nzdusdshort nzdusdlong nzdusdtrade nzdusddaily nzdusdbreakout NZDUSD nzdusdsell Forex forextrading
5
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trendanalysis harmonicpatterns chartpattern nzdusdshort nzdusdlong nzdusdtrade nzdusddaily nzdusdbreakout nzdusd nzdusdsell forex forextrading
Sell below 0.7528. Stop loss at 0.7560. Take profit at 0.7461.
Reason for the trading strategy (technically):
Price has continued to rise and is now seeing strong resistance at 0.7528 (Multiple Fibonacci extensions) and we expect to see a corrective drop from this level to at least 0.7461 support (Fibonacci retracement, horizontal pullback support).
Stochastic (55,5,3) is seeing major resistance below 94% where we expect a reaction from soon.
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