NZDUSD approaching resistance, potential drop!
NZDUSD is approaching its major resistance level at 0.7357 (61.8% Fibonacci retracement, 61.8%, 100% Fibonacci extension, horizontal swing high resistance). A strong reaction could occur at this level, pushing price down to our next major support at 0.7276 (horizontal overlap support, 50% Fibonacci retracement, 100% Fibonacci extension).
RSI (55) is also approaching its long term descending resistance line and a reaction off this level could be a good precursor for a potential drop in price. Stochastic (21,5,3) is also seeing a bearish divergence.
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RSI (55) is also approaching its long term descending resistance line and a reaction off this level could be a good precursor for a potential drop in price. Stochastic (21,5,3) is also seeing a bearish divergence.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results