NZDUSD testing major support, potential bounce!
NZDUSD is testing major support at 0.7203 (61.8%, 100% Fibonacci extension , horizontal swing low support) which coincides with the short term ascending support line. A strong reaction could occur at this level, pushing price up to our next resistance at 0.7258 (38.2% Fibonacci retracement , horizontal overlap resistance). A breakout of this level might push price further up to our next major resistance at 0.7356 (61.8% Fibonacci extension , horizontal swing high resistance).
Stochastic (55,5,3) is also approaching it major support at 1% and a bounce off this level would be a good precursor for a potential rise in price.
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Stochastic (55,5,3) is also approaching it major support at 1% and a bounce off this level would be a good precursor for a potential rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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