NZD/USD profit target almost reached, prepare to sell

Price is fast approaching our profit target from yesterday. We prepare to sell on strength below major resistance at 0.7306 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) for a push back down to 0.7255 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support).

Stochastic (34,5,3) is seeing strong resistance below 93% where we expect a drop from.

Correlation analysis: AUD/USD and NZD/USD are both strongly positively correlated. Both are expecting drops today. It is good to see them moving in tandem as it increases our conviction on this trade.

Sell below 0.7306. Stop loss at 0.7326. Take profit at 0.7255.


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