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FX.co ★ NZD/USD approaching major resistance, prepare to sell

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Forex Analysis:::2017-03-20T15:33:38

NZD/USD approaching major resistance, prepare to sell

Price is approaching major resistance at 0.7065 (Fibonacci retracement, Fibonacci extension) where we expect a reaction from for price to drop to at least 0.6968 support (Fibonacci retracement, recent swing low support).

Stochastic (21,5,3) sees major resistance at 95% and price still has some upside potential before it reaches the main resistance level where we can see a corresponding drop in price from.

Sell below 0.7065. Stop loss at 0.7113. Take profit at 0.6968.

NZD/USD approaching major resistance, prepare to sell

Analyst InstaForex
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