NZDUSD prepare to sell on break of major support
Sell below 0.7423. Stop loss at 0.7461. Take profit at 0.7332.
Reason for the trading strategy (technically):
Price is hovering above key support level at 0.7423 (Fibonacci retracement, horizontal overlap support) and we plan to sell on the break of such a key support for a push down to at least 0.7332 support (Fibonacci retracement, horizontal swing low support).
Stochastic (55,5,3) is seeing major resistance below 94% where we expect a further drop from soon. Confirmation of the break of our key support on price is needed to confirm our move down.
Reason for the trading strategy (technically):
Price is hovering above key support level at 0.7423 (Fibonacci retracement, horizontal overlap support) and we plan to sell on the break of such a key support for a push down to at least 0.7332 support (Fibonacci retracement, horizontal swing low support).
Stochastic (55,5,3) is seeing major resistance below 94% where we expect a further drop from soon. Confirmation of the break of our key support on price is needed to confirm our move down.