Tickmill

NZDUSD approaching support, potential bounce!

Long
FX:NZDUSD   New Zealand Dollar / U.S. Dollar
NZDUSD is approaching our first support at 0.7260 (horizontal overlap support, 23.6% Fibonacci retracement , breakout level). A strong bounce might occur at this level, pushing price up to our major resistance at 0.7323 (100% Fibonacci extension , horizontal overlap resistance, 78.6% Fibonacci retracement ). A breakout of our intermediate resistance level at 0.7279 (horizontal overlap resistance, 61.8% Fibonacci retracement , 61.8% Fibonacci extension ) might provide the bullish acceleration to our major resistance level .

RSI (89) is also approaching our descending resistance line at 56% and we a seeing a short squeeze. A breakout of the resistance line might be a good precursor of a potential rise in price.

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This analysis is provided as general market commentary and does not constitute investment advice.

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