NZDUSD...WHAT NEXT?In this video update, we take a look at NZDUSD as we expect to see further upside
to the currency pair in the bigger picture. However, the price has come up to a key resistance
level where we could see price retrace from. Recently price has broken out of an inverse head
and shoulders pattern and we should expect the price to retrace back to the neckline for a long opportunity.
Foextrading
LONG NZDUSD approaching support, potential bounce!NZDUSD is approaching our first support at 0.6707 (horizontal swing low support, 61.8% Fibonacci retracement , 61.8% Fibonacci extension ) and a strong bounce might occur below this level pushing price up to our major resistance at 0.6772(23.6% Fibonacci retracement , horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support where a corresponding bounce could occur.
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