NZDUSD - 20h expiry - We look to Sell at 0.6425 (stop at 0.6465)
Previous support located at 0.6300.
Previous resistance located at 0.6400.
Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 0.6425, resulting in improved risk/reward.
A move through 0.6300 will confirm the bearish momentum.
Our profit targets...
NZDUSD is approaching our first resistance at 0.6969 (horizontal swing high resistance, 100% Fibonacci extension, 50% Fibonacci retracement) where price might drop to our major support at 0.6841 (50% Fibonacci retracement).
Stochastic (89,5,3) is also approaching resistance where we might see a corresponding drop in price.
Trading CFDs on margin carries high...
NZDUSD is approaching our first support at 0.6806 (horizontal pullback support, 38.2%, 50% Fibonacci retracement, 100% Fibonacci extension) where a strong bounce might occur to our major resistance at 0.6839 (50% Fibonacci retracement).
Stochastic (21,5,3) is also approaching support where we might be seeing a corresponding bounce in price.
Trading CFDs on...
NZDUSD is approaching our first support at 0.6622 (horizontal overlap support, 61.8%, Fibonacci extension, 38.2% Fibonacci retracement) where a strong bounce might occur above this level pushing price up to our major resistance at 0.6722 (horizontal overlap resistance).
Ichimoku cloud is also showing bullish pressure in line with our bullish bias. Stochastic...
