We're looking at NZDUSD on the D1 timeframe today. There's a fair bit of resistance at the 0.6080 area where we're seeing an overlap resistance, 23.6% Fibonacci retracement and a 100% Fibonacci projection.
It's worth noting that we're also seeing a long term bearish trend line suggesting that there's good bearish momentum pushing prices lower.
A reversal from here could see prices potentially drop all the way down to our major support at 0.5749 which also happens to be a 78.6% Fibonacci retracement.
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It's worth noting that we're also seeing a long term bearish trend line suggesting that there's good bearish momentum pushing prices lower.
A reversal from here could see prices potentially drop all the way down to our major support at 0.5749 which also happens to be a 78.6% Fibonacci retracement.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
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