NZDUSD facing bearish pressure, potential for further downside!

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Price has just seen a bearish breakout from the ascending trendline support-turned-resistance, and is now holding below both the moving average and descending trendline resistance, showing bearish pressure. We could potentially see further downside below 1st resistance, in line with 38.2%, 50% Fibonacci retracement, 78.6% Fibonacci extension and descending trendline resistance, towards 1st support, in line with 50% Fibonacci retracement, 100% Fibonacci extension and horizontal swing low support.

Trading Recommendation

Entry: 0.71861

Reason for Entry:

38.2%, 50% Fibonacci retracement, 78.6% Fibonacci extension and descending trendline resistance

Take Profit: 0.71221

Reason for Take Profit:

50% Fibonacci retracement, 100% Fibonacci extension and horizontal swing low support

Stop Loss: 0.72144

Reason for Stop Loss:

78.6% Fibonacci retracement, 161.8% Fibonacci extension and horizontal swing high resistance

The material has been provided by InstaForex Company - www.instaforex.com

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