FX.co ★ NZD/USD major support broken, time to start selling

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.