NZDUSD profit target almost reached, prepare to sell again for a
Sell below 0.7324. Stop loss at 0.7347. Take profit at 0.7262.
Reason for the trading strategy (technically):
Price dropped perfectly from our selling area yesterday and is on track to our profit target. We prepare to sell again 0.7324 resistance (Fibonacci extension, horizontal swing high resistance, bearish price action) for a push down to at least 0.7262 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance at 95% and also a descending resistance line holding price down.
Correlation analysis: AUDUSD and NZDUSD are both expecting drops today.
Reason for the trading strategy (technically):
Price dropped perfectly from our selling area yesterday and is on track to our profit target. We prepare to sell again 0.7324 resistance (Fibonacci extension, horizontal swing high resistance, bearish price action) for a push down to at least 0.7262 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance at 95% and also a descending resistance line holding price down.
Correlation analysis: AUDUSD and NZDUSD are both expecting drops today.