Sell entry at 0.7200. Stop loss at 0.7240. 1st take profit at 0.7125. 2nd take profit at 0.7060.
Reason for the trading strategy (technically) :
Price has dropped as expected from yesterday and is approaching our first profit target level. We continue to sell now looking for a further drop to 0.7125 before 0.7060.
The RSI ascending support-turned-resistance line has been broken triggering a bearish exit which we expect price to follow with a corresponding drop.
Reason for the trading strategy (fundamentally) :
The key news event is the NZD Dairy Auctions Whole Milk Powder Prices. A lower value here would cause the NZD to weaken considerably. Since October 2015, price has been on a steady decline. We expect the same here which goes in line with our bearish view on NZDUSD.
Reason for the trading strategy (technically) :
Price has dropped as expected from yesterday and is approaching our first profit target level. We continue to sell now looking for a further drop to 0.7125 before 0.7060.
The RSI ascending support-turned-resistance line has been broken triggering a bearish exit which we expect price to follow with a corresponding drop.
Reason for the trading strategy (fundamentally) :
The key news event is the NZD Dairy Auctions Whole Milk Powder Prices. A lower value here would cause the NZD to weaken considerably. Since October 2015, price has been on a steady decline. We expect the same here which goes in line with our bearish view on NZDUSD.
Exness - NZDUSD drop in progress, we tighten our stop loss
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