NZDUSD approaching resistance, potential drop!

2 באפר׳ 2018

NZDUSD is approaching our first resistance at 0.7261 (horizontal overlap resistance, 61.8% Fibonacci retracement, 61.8% Fibonacci extension). A strong reaction might occur at this level, pushing price down to our major support at 0.7187 (horizontal swing low support, 78.6% Fibonacci retracement, 61.8% Fibonacci extension).

Stochastic (55,5,3) is also approaching our resistance at 93%, a good precursor of a potential drop in price should it react off this level.

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