NZD/USD profit target reached, prepare to buy

The price has dropped perfectly from our selling area and is fast approaching our profit target. We prepare to buy above major support at 0.7333 (Fibonacci retracement, horizontal swing low support, Fibonacci extension) for a push up to at least 0.7389 resistance (Fibonacci retracement, horizontal pullback resistance).

RSI (34) sees intermediate resistance at 49% which continues to hold it down, as long as RSI remains below this level, our long term view on NZDUSD would be bearish.

Stochastic is seeing major support at 8% signaling that a short term correction is fast approaching.

Buy above 0.7333. Stop loss is at 0.7305. Take profit is at 0.7389.

analytics59891b813e808.png

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