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NZD/USD approaching strong resistance, time to start selling

Price is testing major resistance at 0.6921 (Fibonacci retracement, horizontal overlap resistance) and we expect a drop below this level to at least 0.6853 support (Fibonacci extension, horizontal swing low support).

Stochastic (55,5,3) is seeing strong resistance below the 96% level where we expect a similar drop from.

Strong positive correlation of +0.97 with AUDUSD which is also expecting a bearish move increases our conviction of this trade.

Sell below 0.6921. Stop loss at 0.6956. Take profit at 0.6853.

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The material has been provided by InstaForex Company - www.instaforex.com