Tickmill
Short

NZDUSD approaching resistance, potential drop!

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
NZDUSD is approaching our first resistance at 0.6632 (horizontal overlap resistance, 38.2% Fibonacci retracement ) where a strong drop might occur below this level pushing price down to our major support at 0.6548 (horizontal overlap support, 76.4% Fibonacci retracement ). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (55,5,3) is also approaching resistance and we might see a corresponding drop in price should it react off this level.
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Losses can exceed the initial investment so please ensure you fully understand the risks.
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This analysis is provided as general market commentary and does not constitute investment advice.

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Mate, keep doing this, we're all gonna be making money
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