NZDUSD testing major resistance, remain bearish
Sell below 0.7337. Stop loss at 0.7373. Take profit at 0.7223.
Reason for the trading strategy (technically):
Price is now testing major resistance at 0.7337 (Fibonacci retracement, horizontal swing high resistance, bearish divergence) and we expect a drop from this level to at least 0.7223 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is reversing nicely below our 96% resistance and we also see bearish divergence vs price signalling that a reversal is impending.
Reason for the trading strategy (technically):
Price is now testing major resistance at 0.7337 (Fibonacci retracement, horizontal swing high resistance, bearish divergence) and we expect a drop from this level to at least 0.7223 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is reversing nicely below our 96% resistance and we also see bearish divergence vs price signalling that a reversal is impending.