NZDUSD approaching major resistance, prepare to sell
Sell below 0.7245. Stop loss at 0.7351. Take profit at 0.7095.
Reason for the trading strategy (technically):
Price is approaching major resistance at 0.7245 (Fibonacci retracement, horizontal overlap resistance) and we expect to see a strong reaction off that level for a push down to at least 0.7095 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,3,1) is seeing major resistance at 97% and we expect to see a strong reaction off that level which corresponds to the drop we’re expecting on price too.
Reason for the trading strategy (technically):
Price is approaching major resistance at 0.7245 (Fibonacci retracement, horizontal overlap resistance) and we expect to see a strong reaction off that level for a push down to at least 0.7095 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,3,1) is seeing major resistance at 97% and we expect to see a strong reaction off that level which corresponds to the drop we’re expecting on price too.