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FX.co ★ NZD/USD drop in progress, remain bearish

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Forex Analysis:::2016-12-13T22:00:52

NZD/USD drop in progress, remain bearish

Price rose perfectly to our selling area as expected and saw a strong reaction from our major resistance at 0.7223 (Fibonacci projection, horizontal resistance) where we expect a drop to at least 0.7168.

Stochastic (21,5,3) is seeing major resistance at the 94% level where we expect another bearish reaction from.

Sell below 0.7223. Stop loss at 0.7257. Take profit at 0.7168.

NZD/USD drop in progress, remain bearish

Analyst InstaForex
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