NZDUSD Testing Resistance, Prepare For Reversal
Sell below 0.6719.
Stop loss at 0.6768.
Take profit at 0.6622.
Reason for the trading strategy (technically):
NZDUSD is testing its resistance at 0.6719(100% Fibonacci extension, 50% & 38.2% & 23.6% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 0.6622(38.2% Fibonacci retracement, horizontal swing low support) is expected.
Stochastic (55, 5, 3) has reversed off its resistance at 96% where a corresponding drop is expected.
Stop loss at 0.6768.
Take profit at 0.6622.
Reason for the trading strategy (technically):
NZDUSD is testing its resistance at 0.6719(100% Fibonacci extension, 50% & 38.2% & 23.6% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 0.6622(38.2% Fibonacci retracement, horizontal swing low support) is expected.
Stochastic (55, 5, 3) has reversed off its resistance at 96% where a corresponding drop is expected.