NZDUSD approaching resistance, potential drop!
NZDUSD is approaching its major resistance level at 0.7357 (61.8% Fibonacci retracement, 61.8%, 100% Fibonacci extension, horizontal swing high resistance). A strong reaction could occur at this level, pushing price down to our next major support at 0.7276 (horizontal overlap support, 50% Fibonacci retracement, 100% Fibonacci extension).
RSI (55) is also approaching its long term descending resistance line and a reaction off this level could be a good precursor for a potential drop in price. Stochastic (21,5,3) is also seeing a bearish divergence.
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RSI (55) is also approaching its long term descending resistance line and a reaction off this level could be a good precursor for a potential drop in price. Stochastic (21,5,3) is also seeing a bearish divergence.
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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