NZDUSD: The 0.618RET and the 1.618REXT
The market soared quickly in last month, and will it move further?
The strong resistance is not far.
The 0.618RET of previous decline from 0.748 to 0.681 is at about 0.723 level.
The 1.618REXT of previous decline from 0.705 to 0.681 is at about 0.720 level.
Meanwhile a good Supply Zone works at 0.720-0.723 levels.
Additionally, the RSI will be overbought if the price go higher a little.
So it is good to sell at 0.720-0.723 levels when price action gives signals in the PRZ.
SL: above 0.725
TP1: 0.708
TP2: 0.700
TP3: 0.690 and further more
The strong resistance is not far.
The 0.618RET of previous decline from 0.748 to 0.681 is at about 0.723 level.
The 1.618REXT of previous decline from 0.705 to 0.681 is at about 0.720 level.
Meanwhile a good Supply Zone works at 0.720-0.723 levels.
Additionally, the RSI will be overbought if the price go higher a little.
So it is good to sell at 0.720-0.723 levels when price action gives signals in the PRZ.
SL: above 0.725
TP1: 0.708
TP2: 0.700
TP3: 0.690 and further more
Penafian
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