NZDJPY approaching resistance, potential drop!
Price is approaching our first resistance at 75.19 (horizontal overlap resistance, 23.6% Fibonacci retracement) where price might drop to its support at 74.66 (100% Fibonacci extension , 78.6% Fibonacci retracement , horizontal swing low support). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (89) is also seeing a bearish exit and we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (89) is also seeing a bearish exit and we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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