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MEX_Exchange

NZDUSD under major resistance, time to start selling

Short
New Zealand Dollar / U.S. Dollar (FX:NZDUSD)  
MEX_Exchange  
FX:NZDUSD   New Zealand Dollar / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns NZDUSD NZD USD nzdusdshort nzdusdlong nzdusdtrade nzdusddaily Forex forextrading
4
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trendanalysis harmonicpatterns chartpattern nzdusd nzd usd nzdusdshort nzdusdlong nzdusdtrade nzdusddaily forex forextrading
Sell below 0.7174. Stop loss at 0.7210. Take profit at 0.7087.
Reason for the trading strategy (technically):
Price is experiencing major resistance and we take this opportunity to start selling. We look to sell below 0.7174 resistance (Fibonacci retracement, descending resistance, horizontal overlap resistance) for a push down to at least 0.7087 support (Fibonacci extension, Elliott wave theory).
RSI (55) is seeing descending resistance similar to price holding it down.
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