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.
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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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