Sell now and again if price rises to 0.7240. Stop loss at 0.7330. Take profit at 0.7125.
Reason for the trading strategy (technically):
Price is on a strong graphical pullback resistance + Fibonacci retracement at 0.7240. Our take profit target is at 0.7125 which is a clear graphical support and strong Fibonacci retracement level.
Stochastics has reacted off our 88% resistance level signalling a bearish reversal is coming.
Reason for the trading strategy (fundamentally):
The key news event is the U.S. ISM Manufacturing announcement that affects the strength of the USD. Historically since the start of this year, we’ve seen ISM Manufacturing PMI increase 5 out of 6 times. We expect another increase today meaning USD will strengthen, causing NZDUSD to drop.
Reason for the trading strategy (technically):
Price is on a strong graphical pullback resistance + Fibonacci retracement at 0.7240. Our take profit target is at 0.7125 which is a clear graphical support and strong Fibonacci retracement level.
Stochastics has reacted off our 88% resistance level signalling a bearish reversal is coming.
Reason for the trading strategy (fundamentally):
The key news event is the U.S. ISM Manufacturing announcement that affects the strength of the USD. Historically since the start of this year, we’ve seen ISM Manufacturing PMI increase 5 out of 6 times. We expect another increase today meaning USD will strengthen, causing NZDUSD to drop.
Exness- NZDUSD strongly overbought, expecting a bearish reversal
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