Intro: NZDUSD has made a pullback to major resistance, good opportunity to start selling.
Sell below 0.7277. Stop loss at 0.7308. Take profit at 0.7187.
Reason for the trading strategy (technically):
Price has made a pullback to our major resistance area at 0.7277 (Multiple Fibonacci retracement, horizontal overlap resistance) and we expect a strong reaction from this level to push price down to 0.7187 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below 95% where a corresponding reaction could occur.
Sell below 0.7277. Stop loss at 0.7308. Take profit at 0.7187.
Reason for the trading strategy (technically):
Price has made a pullback to our major resistance area at 0.7277 (Multiple Fibonacci retracement, horizontal overlap resistance) and we expect a strong reaction from this level to push price down to 0.7187 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below 95% where a corresponding reaction could occur.
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.
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.