NZDUSD testing resistance, time to go short
Sell below 0.7055. Stop loss at 0.7181. Take profit at 0.6822.
Reason for the trading strategy (technically):
Price is now starting to test major resistance at 0.7055 (Fibonacci retracement, horizontal overlap resistance) and we expect a strong reaction off this level to push price down to at least 0.6822 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance below 97% and we expect a strong drop from here.
Reason for the trading strategy (technically):
Price is now starting to test major resistance at 0.7055 (Fibonacci retracement, horizontal overlap resistance) and we expect a strong reaction off this level to push price down to at least 0.6822 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance below 97% and we expect a strong drop from here.