NZDUSD at Resistance, Possible Short Trade Set Up
NZDUSD has seen some recovery over the last couple of days but looks to have run into some resistance levels now and we could see the bear market resume. We have the past support / resistance level of 0.67900, the 50% Fibonacci retracement level of the move down from Mondays high and the 50 MA. Stochastic is oversold, we do have a crossover but %D has yet to turn down.
Possible short trade set up, risk to reward 3.1:1
Entry 0.67863
Stop 0.68010
Target 0.67400
Possible short trade set up, risk to reward 3.1:1
Entry 0.67863
Stop 0.68010
Target 0.67400
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