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FX.co ★ NZD/USD broken major support, prepare for the drop

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Forex Analysis:::2018-02-06T01:29:29

NZD/USD broken major support, prepare for the drop

The price has finally broken our major support-turned-resistance level at 0.7283 (Fibonacci retracement, horizontal swing low support) triggering a bearish move to 0.7188 support (Fibonacci retracement, horizontal pullback support).

RSI (34) sees a bearish exit from our long-term ascending support-turned-resistance line and also a break below our 51% support signaling a big drop from here.

Sell below 07283. Stop loss at 0.7349. Take profit at 0.7188.

NZD/USD broken major support, prepare for the drop

Analyst InstaForex
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