FX.co ★ NZDUSD broke below trendline support turned resistance! Potential for further drop!

NZDUSD broke below ascending trendline support, now resistance. With technical indicators showing room for further bearish momentum, a short term drop below 1st resistance at 0.71209 towards graphical swing low at 1st support at 0.70760 could be possible.

Trading Recommendation

Entry: 0.71209

Reason for Entry:

23.6% Fibonacci retracement, ascending trendline resistance

Take Profit: 0.70760

Reason for Take Profit:

-61.8% Fibonacci retracement, Graphical swing low support

Stop Loss: 0.71566

Reason for Stop Loss:

Graphical swing high resistance