NZDUSD testing resistance, potential drop!

١٢ أبريل ٢٠١٨

NZDUSD is testing our first resistance at 0.7375 (horizontal overlap resistance, 100% Fibonacci extension, 78.6% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 0.7248 (horizontal overlap support, 61.8% Fibonacci retracement, 61.8% Fibonacci extension) which coincides with our short term ascending support line.

Stochastic (55,5,3) is also approaching our major resistance and might be a good precursor for a potential drop in price should it react off this level.

Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.