NZDUSD Profit Target Reached Perfectly, Prepare For A Drop
NZDUSD has once again reached our profit target perfectly. We now prepare for a drop.
Sell below 0.6905. Stop loss at 0.6935. Take profit at 0.6855.
Reason for the trading strategy (technically):
Price shot up perfectly and reached our profit target. We prepare to sell below major resistance at 0.6905 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) for a drop towards major support at 0.6855 (Fibonacci extension, horizontal swing low support).
Stochastic (89,5,3) is seeing major resistance below 90% where a corresponding reaction could occur.
Sell below 0.6905. Stop loss at 0.6935. Take profit at 0.6855.
Reason for the trading strategy (technically):
Price shot up perfectly and reached our profit target. We prepare to sell below major resistance at 0.6905 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) for a drop towards major support at 0.6855 (Fibonacci extension, horizontal swing low support).
Stochastic (89,5,3) is seeing major resistance below 90% where a corresponding reaction could occur.
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