NZDUSD Bearish Breakout, Time To Sell

NZDUSD Bearish Breakout, Time To Sell

NZDUSD has broken out of our major support, now is a good time to sell.

Sell below 0.7188. Stop loss at 0.7249. Take profit at 0.7032.

Reason for the trading strategy (technically):

Price has made a bearish breakout of our major support level at 0.7188 (Fibonacci retracement, horizontal overlap support) and is poised to drop further from here towards our profit target support level at 0.7032 (Fibonacci retracement, horizontal pullback support).
RSI (89) sees descending resistance hold our prices down really well and adds to our bearish bias.

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About the analyst
Desmond Leong provides technical analysis to the largest banks, hedge funds, and brokers whilst coaching hundreds of aspiring traders. He specializes in providing actionable and accurate analysis that utilizes the most advanced theories.