NZDUSD approaching resistance, potential drop!
NZDUSD broke out of our short term ascending support-turned-resistance line and is approaching our first resistance at 0.7345 horizontal overlap resistance) and a strong reaction might occur below this level, pushing price down to our major support at 0.7306 (horizontal overlap support, 38.2%, 61.8% Fibonacci retracement, 100% Fibonacci extension). Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias.
RSI (89) is also seeing a bearish exit, a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (89) is also seeing a bearish exit, a good precursor for a potential drop 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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