NZDUSD has broken major support, prepare to sell
Sell below 0.7258. Stop loss at 0.7286. Take profit at 0.7196.
Reason for the trading strategy (technically):
Price has broken our major support-turned-resistance level at 0.7258 and we prepare to sell below this resistance level (Fibonacci retracement, horizontal pullback resistance) for a further push down following our bearish channel momentum to at least 0.7196 (Fibonacci extension, horizontal swing low support).
RSI (21) sees resistance at 63% and also a recent bearish exit signalling that we’re expecting more bearish momentum.
Reason for the trading strategy (technically):
Price has broken our major support-turned-resistance level at 0.7258 and we prepare to sell below this resistance level (Fibonacci retracement, horizontal pullback resistance) for a further push down following our bearish channel momentum to at least 0.7196 (Fibonacci extension, horizontal swing low support).
RSI (21) sees resistance at 63% and also a recent bearish exit signalling that we’re expecting more bearish momentum.