NZD/USD approaching resistance, potential drop!

NZDUSD is approaching our resistance at 0.6754 (horizontal swing high resistance, 23.6% Fibonacci retracement , short term descending line) where a strong drop might occur below this level pushing price down to our major support at 0.6723 (61horizontal swing low support). Stochastic is also approaching resistance where 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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The material has been provided by InstaForex Company - www.instaforex.com

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