NZDUSD is at descending trendline resistance, potential for drop

NZDUSD is at descending trendline resistance, potential for drop for FX:NZDUSD by FXCM

NZDUSD is at descending trendline resistance, potential for drop



Price is reacting below our pivot level at 0.70080 which is in line with 78.6% Fibonacci retracement level and 61.8% Fibonacci extension level. Price could potentially drop to support at 0.69380 which coincides with 38.2% Fibonacci retracement level and 61.8% Fibonacci extension level. Stochastic is also at resistance level where previous drops occurred.
Alternatively, price could potentially swing towards resistance at 0.70625, which coincides with 100% Fibonacci retracement level and 127.2% Fibonacci extension level.

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