FX.co ★ NZDUSD broke below trendline resistance! Further drop incoming!

Price broke below ascending trendline support (now resistance) and is also holding below moving average. A further drop below 1st resistance at 0.71651 towards 1st support at 0.71256 can be expected.

Trading Recommendation

Entry: 0.71651

Reason for Entry:

23.6% Fibonacci retracement, ascending trendline resistance

Take Profit: 0.71256

Reason for Take Profit:

-27.2% Fibonacci retracement

Stop Loss: 0.71908

Reason for Stop Loss:

61.8% Fibonacci retracement