NZDUSD approaching resistance, potential drop!
NZDUSD is approaching our first resistance at 77.45 (horizontal pullback support, 61.8% fibonacci extension, 61.8% , 38.2% fibonacci retracement) and a strong drop might occur above this level pushing price down to our major support at 76.85 (100% fibonacci extension, 76.8% fibonacci retracement).
Stochastic (34,5,3) is also approaching resistance and we might see a corresponding rise in price should it bounce off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks
Stochastic (34,5,3) is also approaching resistance and we might see a corresponding rise in price should it bounce off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results