NZDUSD is approaching our first resistance at 0.7304 (horizontal overlap resistance, 76.4% Fibonacci retracement, 100% Fibonacci extension) which coincides with our long term descending resistance line. A strong reaction might occur at this level pushing price down to our major support at 0.7230 (50% Fibonacci retracement, horizontal swing low support). A breakout of our intermediate support at 0.7263 (horizontal overlap support, 38.2% Fibonacci retracement, 61.8% Fibonacci extension) and short term ascending support line might provide the bearish acceleration to our major support level.
RSI (89) is seeing a bearish exit, a good precursor of a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
RSI (89) is seeing a bearish exit, a good precursor of a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Trade active
wohoooo intermediate support broken its well on its way!Trade closed: target reached
drop nicely down to our major support!!
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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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.