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NZDUSD testing new channel resistance, start selling

Published on: 2018-02-13 01:31 GMT

Sell below 0.7283. Stop loss at 0.7349. Take profit at 0.7188.

Reason for the trading strategy (technically):

Price is now in a new descending channel and testing strong resistance. We remain bearish looking to sell below 0.7283 resistance (Fibonacci retracement, horizontal overlap resistance, channel resistance) for a further push down to at least 0.7188 support (Fibonacci retracement, horizontal pullback support).

RSI (55) is now below our 51% resistance level signalling that there’s a change in momentum to bearish.