Tickmill

NZDUSD is approaching resistance, potential drop!

Short
FX:NZDUSD   New Zealand Dollar / U.S. Dollar
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.
Trade active: Intermediate support broken, well on its way!!
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This analysis is provided as general market commentary and does not constitute investment advice.

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