NZD/USD finally dropping nicely, remain bearish

The price has started to drop really nicely from our selling area and has broken an ascending support-turned-resistance line triggering a change in momentum. We remain bearish looking to sell on strength below major resistance at 0.6968 (Fibonacci retracement, Fibonacci extension, bearish divergence) for a push down to at least 0.6827 support (Fibonacci extension, horizontal swing low support).

Stochastic (89,5,3) is dropping nicely from our resistance and has good downside potential.

Sell below 0.6968. Stop loss is at 0.7043. Take profit is at 0.6827.

analytics5a08fa8fa2ab5.png

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