NZD/USD starting to face resistance, prepare to sell

The price has bounced up perfectly from our buying area last week. Now we're seeing the price testing a strong resistance at 0.7343 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and we expect to see a strong reaction from here to push the price down to at least 0.7279 support (Fibonacci extension, horizontal swing low support, Fibonacci retracement) once again.

Stochastic (34,5,3) is seeing major resistance at 95% and we expect to see a strong reaction off this level too.

Sell below 0.7343. Stop loss is at 0.7390. Take profit is at 0.7279.


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