NZD/USD approaching major resistance, prepare to sell - Forex247

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Tuesday, March 21, 2017

NZD/USD approaching major resistance, prepare to sell

Price is approaching major resistance at 0.7065 (Fibonacci retracement, Fibonacci extension) where we expect a reaction from for price to drop to at least 0.6968 support (Fibonacci retracement, recent swing low support).

Stochastic (21,5,3) sees major resistance at 95% and price still has some upside potential before it reaches the main resistance level where we can see a corresponding drop in price from.

Sell below 0.7065. Stop loss at 0.7113. Take profit at 0.6968.

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


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