NZDUSD, H4 is testing our Pivot. Potential for bearish breakout
Price is testing our Pivot point of 0.71781, which is in line with 78.6%, 161.8% Fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap. A potential for drop from here towards our first support level of 0.70964, in line with the 88% fibonacci extension and 227% fibonacci retracement. It is worth noting that price is trending under the Ichimoku cloud and MACD is under the 0 line, in line with our bearish view.
Description:
Pivot: 0.71781
Why we like it:
78.6%, 161.8% Fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap
1st Support: 0.70964
Why we like it:
88% fibonacci extension, 227% fibonacci retracement and horizontal graphical overlap.
1st Resistance: 0.72374
Why we like it:
61.8%, 127% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap
Trading FX & CFDs carries high risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.