NZDUSD broke out of its short-term term descending resistance line and horizontal overlap support level at 0.7307 (50% Fibonacci retracement , horizontal overlap support). A strong reaction could occur at this level pushing its price up to our next resistance level at 0.7345 (61.8% Fibonacci retracement , 61.8%, 100% Fibonacci extension , horizontal swing high resistance). A breakout of this level could potentially push price up to our next major resistance at 0.7386 (horizontal swing high resistance, 78.6% Fibonacci retracement ).
RSI (89) is also approaching its long term descending resistance line and a bullish exit would a good precursor for further potential rise in price.
RSI (89) is also approaching its long term descending resistance line and a bullish exit would a good precursor for further potential rise in price.
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