NZD/USD testing major support, watch to sell on the break

The price is now testing major support at 0.7283 (Fibonacci retracement, horizontal swing low support) and only a break of this level would trigger a bearish move to 0.7188 support (Fibonacci retracement, horizontal pullback support).

It is worth noting that we can see price break out of our bearish channel triggering a bearish exit. Confirmation of the drop requires the price to close below 0.7283.

RSI (34) sees a bearish exit from our long-term ascending support-turned-resistance line and also a break below our 51% support signaling a big drop from here.

Sell below 07283. Stop loss at 0.7349. Take profit at 0.7188.


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