NZDUSD facing bearish pressure, potential for reversalPrices 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.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
