NZDUSD Testing Strong Descending Resistance Line
NZDUSD is approaching its major resistance and long term descending resistance line. We can expect a reversal.
Sell below 0.7276. Stop loss at 0.7302. Take profit at 0.7201.
Reason for the trading strategy (technically):
Price is approaching major resistance at 0.7276 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap resistance) where we expect a reaction, causing price to push all the way down to its support at 0.72011 (61.8% Fibonacci extension, horizontal swing low support). We have to be cautious of the intermediate support at 0.7243 (38.2% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) is approaching its resistance at 97% where we expect a corresponding reaction.
Sell below 0.7276. Stop loss at 0.7302. Take profit at 0.7201.
Reason for the trading strategy (technically):
Price is approaching major resistance at 0.7276 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap resistance) where we expect a reaction, causing price to push all the way down to its support at 0.72011 (61.8% Fibonacci extension, horizontal swing low support). We have to be cautious of the intermediate support at 0.7243 (38.2% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) is approaching its resistance at 97% where we expect a corresponding reaction.