NZDUSD approaching support, potential bounce!
Price is approaching our first support at 0.7244 (horizontal overlap support, 61.8% Fibonacci retracement) and it might trigger a strong bounce above this level, pushing price up to our major resistance at 0.7375 (horizontal swing high resistance, 61.8% Fibonacci extension).
Stochastic (55,5,3) is also approaching our major support and we might see a corresponding rise in price should it bounce off this level.
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Stochastic (55,5,3) is also approaching our major support and we might see a corresponding rise in price should it bounce off this level.
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