FX.co ★ NZD/USD dropping nicely from our selling area, remain bearish

The price has started to react off our selling area quite nicely. We remain bearish looking to sell below major resistance at 0.7367 (Fibonacci extension, horizontal swing high resistance, Elliott wave theory, Bearish divergence) for a drop from this level towards at least 0.7300 support (Fibonacci retracement, horizontal overlap support).

Stochastic (55,5,3) is dropping nicely from our 94% resistance and also displays bearish divergence vs price, signaling that a drop is impending.

Sell below 0.7367. Stop loss is at 0.7391. Take profit is at 0.7300.