The price has finally properly broken our key support level at 0.7423 (Fibonacci retracement, horizontal overlap support) and we plan to sell below this level for a push down to at least 0.7332 support (Fibonacci retracement, horizontal swing low support).
Stochastic (55,5,3) has broken our ascending support-turned-resistance line signaling that a drop is expected.
Correlation analysis: AUD/USD and NZD/USD are both positively correlated. So, it is good to see a drop on NZD/USD and AUD/USD as that increases our conviction on this trade.
Sell below 0.7423. Stop loss is at 0.7461. Take profit is at 0.7332.
No comments:
Post a Comment