NZDUSD is testing our first support at 0.7261 (horizontal overlap support, 61.8% Fibonacci extension, 38.2%, 61.8% Fibonacci retracement). A strong bounce might occur at this level pushing price up to our major resistance at 0.73273 (100% Fibonacci extension, horizontal overlap resistance). A breakout of our intermediate resistance level at 0.7303 (horizontal overlap resistance, 76.4% Fibonacci retracement) might provide the bullish acceleration to our major resistance level. RSI (21) is testing its ascending support line and a bounce off this level might be a good precursor of a potential rise in price. Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.