NZDUSD testing major resistance, remain bearish for a further dr
Sell below 0.7459. Stop loss at 0.7500. Take profit at 0.7333.
Reason for the trading strategy (technically):
Price continues to test our major resistance level. We remain bearish looking to sell below 0.7459 resistance (Fibonacci retracement, horizontal overlap resistance) for a further push down to at least 0.7333 support (Fibonacci extension, horizontal swing low support).
RSI (34) sees intermediate resistance at 49% which continues to hold it down.
Correlation analysis: We are expecting commodities weakness with AUDUSD and NZDUSD both expecting drops.
Reason for the trading strategy (technically):
Price continues to test our major resistance level. We remain bearish looking to sell below 0.7459 resistance (Fibonacci retracement, horizontal overlap resistance) for a further push down to at least 0.7333 support (Fibonacci extension, horizontal swing low support).
RSI (34) sees intermediate resistance at 49% which continues to hold it down.
Correlation analysis: We are expecting commodities weakness with AUDUSD and NZDUSD both expecting drops.