FX.co ★ NZDUSD reacting below descending trendline resistance. Drop incoming!

NZDUSD reacting below descending trendline resistance. A short term drop below our 1st resistance at 0.72469 towards recent swing low and 1st support at 0.72133 could be expected. Price is holding below moving average as well

Trading Recommendation

Entry: 0.72469

Reason for Entry:

61.8% Fibonacci retracement, Descending trendline resistance

Take Profit: 0.72133

Reason for Take Profit:

Graphical swing low support

Stop Loss: 0.72669

Reason for Stop Loss:

Graphical swing high