NZDUSD approaching resistance, potential for drop! Price is approaching our first resistance at 0.6958 (horizontal overlap resistance, 61.8% Fibonacci retracement, 61.8% Fibonacci extension) and a strong reaction might occur below this level, pushing price down to our major support at 0.6826 (horizontal swing low support, 61.8% Fibonacci extension). A breakout below our intermediate support at 0.6886 (horizontal overlap support, 50% Fibonacci retracement) might provide the bearish acceleration to our major support target.
Stochastic (55,5,3) is approaching resistance we might see a further 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.
