NZDUSD testing new channel resistance, start selling
Sell below 0.7283. Stop loss at 0.7349. Take profit at 0.7188.
Reason for the trading strategy (technically):
Price is now in a new descending channel and testing strong resistance. We remain bearish looking to sell below 0.7283 resistance (Fibonacci retracement, horizontal overlap resistance, channel resistance) for a further push down to at least 0.7188 support (Fibonacci retracement, horizontal pullback support).
RSI (55) is now below our 51% resistance level signalling that there’s a change in momentum to bearish.
Reason for the trading strategy (technically):
Price is now in a new descending channel and testing strong resistance. We remain bearish looking to sell below 0.7283 resistance (Fibonacci retracement, horizontal overlap resistance, channel resistance) for a further push down to at least 0.7188 support (Fibonacci retracement, horizontal pullback support).
RSI (55) is now below our 51% resistance level signalling that there’s a change in momentum to bearish.