NZDUSD approaching resistance, potential drop!
NZDUSD is approaching our first resistance at 0.6959 (horizontal overlap resistance, 23.6% Fibonacci retracement) and a strong reaction might occur below this level, pushing price down to our major support at 0.6886 (horizontal swing low support). Ichimoku cloud is also showing sign of bearish pressure in line with our bearish bias.
RSI (55) is also seeing a bearish exit and is facing bearish pressure from our descending resistance line where a reaction below this level might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
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RSI (55) is also seeing a bearish exit and is facing bearish pressure from our descending resistance line where a reaction below this level might see a corresponding 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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