NZDUSD testing resistance, potential for a reversal!
NZDUSD is testing its resistance at 0.7322 (100% Fibonacci extension, 61.8% Fibonacci extension, 61.8% Fibonacci retracement) where a potential reversal might happen, causing price to push down to its support at 0.7272 (61.8% Fibonacci extension, 38.2% Fibonacci extension, 38.2% Fibonacci extension, horizontal overlap support). If it breaks past this support, it could fall to its next at 0.7247 (100% Fibonacci extension, 61.8% Fibonacci extension, 61.8% Fibonacci retracement x2, 50% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) reversed nicely off its support at 97%. We have also identified a bearish divergence with price which contributes to our bearish bias.
Stochastic (55, 5, 3) reversed nicely off its support at 97%. We have also identified a bearish divergence with price which contributes to our bearish bias.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.