NZDUSD approaching support, potential bounce!
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.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
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.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results