NZD/USD testing major resistance, remain bearish

Price is now testing the major resistance at 0.7337 (Fibonacci retracement, horizontal swing high resistance, bearish divergence) and we expect a drop from this level to at least 0.7223 support (Fibonacci extension, horizontal swing low support).

Stochastic (34,5,3) is reversing nicely below our 96% resistance and we also see bearish divergence vs price signalling that a reversal is impending.

Sell below 0.7337. Set stop loss at 0.7373 and take profit at 0.7223.


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