NZDUSD Reversed Off Resistance, Prepare For Further Drop
Sell below 0.6718.
Stop loss at 0.6773.
Take profit at 0.6639.
Reason for the trading strategy (technically):
NZDUSD reversed off its resistance at 0.6718 (100% Fibonacci extension, 61.8%, 38.2%, 23.6% Fibonacci retracement, horizontal overlap resistance) where it is expected to drop further to its support at 0.6639 (50% Fibonacci retracement, horizontal pullback support).
Stochastic (55, 5, 3) reversed off its resistance at 97% where a corresponding drop is expected.
Stop loss at 0.6773.
Take profit at 0.6639.
Reason for the trading strategy (technically):
NZDUSD reversed off its resistance at 0.6718 (100% Fibonacci extension, 61.8%, 38.2%, 23.6% Fibonacci retracement, horizontal overlap resistance) where it is expected to drop further to its support at 0.6639 (50% Fibonacci retracement, horizontal pullback support).
Stochastic (55, 5, 3) reversed off its resistance at 97% where a corresponding drop is expected.