NZDUSD approaching support, potential rise!

NZDUSD is approaching our first support level at 0.7218 (horizontal overlap support, 61.8% Fibonacci retracement). A strong reaction might occur at this level pushing price up to our first resistance level at 0.7260 (horizontal swing high resistance, 38.2% Fibonacci retracement). If price breaks out of this level, it could potentially rise to our second resistance level at 0.7288 (61.8% Fibonacci retracement, 61.8% Fibonacci extension, horizontal overlap resistance).

(55,5,3) has bounced nicely off our major support level and has good upside potential for further rise.

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