NZDUSD reversed perfectly, remain bearish for a further drop
NZDUSD dropped perfectly from our selling area, we tighten our stop loss to protect our position.
Sell below 0.7249. Stop loss at 0.7268. Take profit at 0.7154.
Reason for the trading strategy (technically):
Price has reversed perfectly from our selling entry and is working its way towards our profit target. We tighten our stop loss to 0.7268 to protect our profits. We are also seeing intermediate support at 0.7194 (61.8% Fibonacci retracement, 61.8% Fibonacci extension) which could see price bounce off there before dropping further to our major support at 0.7154 (major swing low support, Fibonacci extension).
Stochastic (89,5,3) is seeing major resistance below 93% and is reversing nicely below this level with good downside potential.
Sell below 0.7249. Stop loss at 0.7268. Take profit at 0.7154.
Reason for the trading strategy (technically):
Price has reversed perfectly from our selling entry and is working its way towards our profit target. We tighten our stop loss to 0.7268 to protect our profits. We are also seeing intermediate support at 0.7194 (61.8% Fibonacci retracement, 61.8% Fibonacci extension) which could see price bounce off there before dropping further to our major support at 0.7154 (major swing low support, Fibonacci extension).
Stochastic (89,5,3) is seeing major resistance below 93% and is reversing nicely below this level with good downside potential.