NZD/USD dropping perfectly towards our profit target, remain bearish for a further drop

The price has dropped absolutely perfectly from our selling area and is fast approaching our profit target. We remain bearish below 0.7304 resistance (Fibonacci retracement, horizontal overlap resistance) for a further drop towards 0.7223 support (Fibonacci extension, horizontal swing low support). We also shift our stop loss to 0.7340 to protect our profits.

RSI (34) sees a bearish change in momentum giving further conviction that we'll be seeing a much bigger drop in price.

Sell below 0.7304. Stop loss is at 0.7340. Take profit is at 0.7223.

analytics599cde63469b8.png

The material has been provided by InstaForex Company - www.instaforex.com