NZDUSD approaching resistance, potential drop!

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Dolar New Zealand / Yen Jepun (FX:NZDJPY)

FX:NZDJPY Dolar New Zealand / Yen Jepun

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NZDUSD is approaching our first resistance at 77.45 (horizontal pullback support, 61.8% fibonacci extension, 61.8% , 38.2% fibonacci retracement) and a strong drop might occur above this level pushing price down to our major support at 76.85 (100% fibonacci extension, 76.8% fibonacci retracement).
Stochastic (34,5,3) is also approaching resistance and we might see a corresponding rise in price should it bounce off this level.
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This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results

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