NZDUSD potential for further drop, but require a recovery first.

٢٨ فبراير ٢٠١٨

NZDUSD has continued to drop strongly since yesterday. It could potentially drop further from here but we would need to see some sort of recovery first towards 1st major resistance at 0.7276 (Fibonacci retracement, horizontal overlap resistance, breakout level). If price recovers to that area, then we could see a further drop towards 0.7183 support (Fibonacci extension, horizontal swing low support).

Stochastic (21,5,3) is seeing major support above 4.8% which could signal the intermediate recovery to push price back up to our resistance level.

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