NZDUSD broke out of support, potential drop!

NZDUSD broke out of its short term ascending pullback resistance line and is currently testing our first resistance level at 0.7186 (horizontal overlap resistance). A strong reaction might occur at this level pushing price down to our intermediate support level at 0.7109 (50% Fibonacci retracement, 100% Fibonacci extension). Should price break out of this level, it might drop to our major support at 0.7028 (61.8% Fibonacci retracement, horizontal pullback support).

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