FX.co ★ NZD/USD Trading Recommendations for 15th June 2016

The price reacted off our long-term channel resistance on NZD/USD perfectly and has reached our first take profit target since yesterday. Today we play a continued move down to the 0.6890 level as our next profit target, which is a major fibonacci retracement level + graphical support.

The RSI (21) remains below our resistance, although it would be good to look to sell on strength (market bouncing) to play a further drop since the RSI is close to support.

Trading recommendations:

Sell now and once more at 0.7025

Take profit at 0.6890

Stop loss at 0.7085