NZDUSD dropping nicely towards profit target, remain bearish
Sell below 0.7290. Stop loss at 0.7335. Take profit at 0.7223.
Reason for the trading strategy (technically):
Price has reversed perfectly from our selling area and is approaching our profit target. We remain bearish below 0.7290 resistance (Fibonacci retracement, horizontal pullback resistance) for a further push down to at least 0.7223 support (Fibonacci extension, horizontal swing low support). We shift our stop loss to 0.7335 resistance to protect our profits.
Stochastic (34,5,3) has reversed nicely and has good downside potential to play our drop.
Reason for the trading strategy (technically):
Price has reversed perfectly from our selling area and is approaching our profit target. We remain bearish below 0.7290 resistance (Fibonacci retracement, horizontal pullback resistance) for a further push down to at least 0.7223 support (Fibonacci extension, horizontal swing low support). We shift our stop loss to 0.7335 resistance to protect our profits.
Stochastic (34,5,3) has reversed nicely and has good downside potential to play our drop.