NZDUSD approaching resistance, potential drop!
NZDUSD is approaching our first resistance at 0.6920 (horizontal pullback resistance, 23.6%, 50% Fibonacci retracement, 100% Fibonacci extension) where a strong reaction might occur below this level pushing price down to our major support at 0.6872 (horizontal swing low support). A breakout below our intermediate support at 0.68858 (horizontal swing low support) might provide the bearish acceleration to our major support target. Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (89) is also approaching its resistance and a reaction off 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.
RSI (89) is also approaching its resistance and a reaction off 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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