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theforexarmy

NZDUSD profit target reached perfectly, time to start selling

Short
New Zealand Dollar / U.S. Dollar (FX:NZDUSD)  
theforexarmy  
FX:NZDUSD   New Zealand Dollar / U.S. Dollar
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Sell below 0.7240. Stop loss at 0.7285. Take profit at 0.7176.
Reason for the trading strategy (technically):
Price shot up and reached our profit target perfectly from yesterday. We now turn bearish below 0.7240 resistance (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) for a drop to 0.7176 support (Fibonacci retracement, horizontal overlap support).
Stochastic (21,5,3) is seeing strong resistance below the 92% level.
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