NZDUSD approaching resistance, potential drop!
Price is approaching our first resistance at 0.6788 (horizontal swing high resistance, 23.6%, 38.2% Fibonacci retracement, 100% Fibonacci extension, resistance of bearish channel) and a strong reaction might occur below this level pushing price down to our major support at 0.6688 (horizontal swing low support, 100% Fibonacci extension).
Stochastic (55,5,3) is approaching its resistance and a reaction off this level might see a 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.
Stochastic (55,5,3) is approaching its resistance and a reaction off this level might see a 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.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results