NZD/USD approaching resistance, potential drop!

NZDUSD is approaching our first resistance at 0.6742 (horizontal overlap resistance, 61.8% Fibonacci retracement ) where a strong drop might occur below this level to our first support level at 0.6678 (horizontal swing low support, 61.8% Fibonacci extension ).

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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