FX.co ★ NZD/USD Trading Recommendations 17th June 2016

NZD/USD dropped perfectly as expected and hit our profit target before bouncing up again. Now we're looking to sell on strength closer to the 0.7100 level for a drop again to 0.6975. The stochastic (21) is reaching resistance once again, where we expect the price to drop off correspondingly.

0.7110 is a graphical resistance of the first wave i in close and 0.7110 is a 1.0 fibonacci projection of wave iv.

Trading recommendation:

Sell at 0.7100

Stop loss at 0.7150

Take profit at 0.6975