NZDUSD reacted off resistance, potential for further drop!
Updated
NZDUSD broke out of our short term ascending pullback resistance line and reacted off our first resistance at 0.7345 (horizontal overlap resistance). A strong reaction might occur below this level, pushing price down to our major support level 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 (55) is also seeing a bearish exit, a good precursor for a further potential is might be 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 (55) is also seeing a bearish exit, a good precursor for a further potential is might be drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Trade closed: target reached
Woohooo target reached! hope you guys manage to ride on this one! :)
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