NZDUSD Has Broken Major Support, Remain Bearish For Further Drop
NZDUSD is seeing a bearish acceleration after breaking key ascending support.
Sell below 0.7282. Stop loss at 0.7305. Take profit at 0.7230.
Reason for the trading strategy (technically):
Price has reversed nicely and has made a bearish exit from our ascending support-turned-resistance line. We look to sell below major resistance at 0.7282 (Fibonacci retracement, horizontal overlap resistance) for a push down to major support at 0.7230 (Fibonacci retracement, horizontal swing low support).
RSI (34) sees that we have made a recent bearish exit from our ascending support-turned-resistance level signalling that we could expect more bearish momentum.
Sell below 0.7282. Stop loss at 0.7305. Take profit at 0.7230.
Reason for the trading strategy (technically):
Price has reversed nicely and has made a bearish exit from our ascending support-turned-resistance line. We look to sell below major resistance at 0.7282 (Fibonacci retracement, horizontal overlap resistance) for a push down to major support at 0.7230 (Fibonacci retracement, horizontal swing low support).
RSI (34) sees that we have made a recent bearish exit from our ascending support-turned-resistance level signalling that we could expect more bearish momentum.
Trade closed: target reached
Whoo! profit target reached!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.