NZDUSD dropping towards our profit target, remain bearish
Sell below 0.7304. Stop loss at 0.7340. Take profit at 0.7223.
Reason for the trading strategy (technically):
Price has dropped absolutely perfectly from our selling area and is fast approaching our profit target. We remain bearish below 0.7304 resistance (Fibonacci retracement, horizontal overlap resistance) for a further drop towards 0.7223 support (Fibonacci extension, horizontal swing low support). We also shift our stop loss to 0.7340 to protect our profits.
RSI (34) sees a bearish change in momentum giving further conviction that we’ll be seeing a much bigger drop in price
Reason for the trading strategy (technically):
Price has dropped absolutely perfectly from our selling area and is fast approaching our profit target. We remain bearish below 0.7304 resistance (Fibonacci retracement, horizontal overlap resistance) for a further drop towards 0.7223 support (Fibonacci extension, horizontal swing low support). We also shift our stop loss to 0.7340 to protect our profits.
RSI (34) sees a bearish change in momentum giving further conviction that we’ll be seeing a much bigger drop in price