FX.co ★ NZD/USD Trading Recommendations 22nd July 2016

We are seeing a very perfect 5 wave down elliott wave structure. We are playing the graphical overlap resistance at 0.7015 as our main selling area for a drop down to 0.6920 (wave 5 projection). We're keeping a tight stop loss at 0.7040 to give us a low-risk high-reward trade.

We can see stochastics reversing below our 81% resistance level too.

Trading Recommendations:

Sell now and below 0.7015

Stop loss at 0.7040

Take profit at 0.6920