NZDUSD approaching resistance, potential reversal!
NZDUSD is approaching its resistance at 0.7378 (100% Fibonacci extension, 76.4% Fibonacci retracement, multiple swing high resistance) where it could potentially react off, causing price to fall to its 1st support at 0.7322 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, 23.6% Fibonacci retracement, horizontal overlap support). If it breaks past this level, it could fall to its next support at 0.7240 (61.8% Fibonacci retracement, 76.4% Fibonacci retracement, horizontal overlap support). We have also identified another resistance at 0.7430 (horizontal swing high resistance).
Stochastic (89, 5, 3) is approaching its resistance at 97.7% where a corresponding reaction could occur. We have also identified a bearish divergence with price which contributes to our bearish bias.
Stochastic (89, 5, 3) is approaching its resistance at 97.7% where a corresponding reaction could occur. We have also identified a bearish divergence with price which contributes to our bearish bias.
Penafian
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