NZDUSD reacted off resistance, potential for further drop!

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NZDUSD broke out of our short term ascending pullback resistance line and reacted off our first resistance at 0.7345 (horizontal overlap resistance). A strong reaction might occur below this level, pushing price down to our major support level at 0.7306 (horizontal overlap support, 38.2%, 61.8% Fibonacci retracement, 100% Fibonacci extension). Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias.

RSI (55) is also seeing a bearish exit, a good precursor for a further potential is might be drop in price.

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Losses can exceed the initial investment so please ensure you fully understand the risks.

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أغلقت الصفقة: تم الوصول للهدف

Woohooo target reached! hope you guys manage to ride on this one! :)