NZDUSD facing bearish pressure|16th July 2021

Prices are approaching 1st resistance, in line with horizontal overlap resistance, 61.8% Fibonacci extension level. Prices might reverse off to 1st support, in line with the horizonal swing low support, 161.8% Fibonacci retracement and 161.8% Fibonacci extension levels. If prices surpass the descending trendline resistance, it may face resistance from horizontal swing high resistance, in line with the 161.8% Fibonacci retracement and 100% Fibonacci extension . Stochastic indicator is approaching resistance of 91.17, further supporting our bearish view.

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