NZDUSD dropping nicely towards our target, prepare for a bounce
NZDUSD has dropped nicely towards our forecasted support target and we’re preparing for a potential bounce above this level (Fibonacci extension, long term 50% Fibonacci retracement, horizontal swing low support) and this could drive price all the way up to 0.7273 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (234,5,3) is also seeing strong support above 3.9% where a corresponding bounce could occur.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (234,5,3) is also seeing strong support above 3.9% where a corresponding bounce could occur.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results