NZDUSD is approaching our first resistance at 0.7304 (horizontal overlap resistance, 76.4% Fibonacci retracement, 100% Fibonacci extension) which coincides with our long term descending resistance line. A strong reaction might occur at this level pushing price down to our major support at 0.7230 (50% Fibonacci retracement, horizontal swing low support). A breakout of our intermediate support at 0.7263 (horizontal overlap support, 38.2% Fibonacci retracement, 61.8% Fibonacci extension) and short term ascending support line might provide the bearish acceleration to our major support level.
RSI (89) is seeing a bearish exit, a good precursor of a potential drop in price.
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