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MEX_Exchange
Jul 27, 2017 1:24 AM

NZDUSD right on resistance, sell for a corrective drop Short

New Zealand Dollar/U.S. DollarFXCM

Description

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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