NZDUSD, H4 is reversing from our Pivot. Potential for a drop.
Price is reversing from our Pivot point of 0.71622, which is in line with 88.6% Fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap. A potential drop from here towards our first support level of 0.71009, in line with the 38.2% and 61.8% fibonacci retracement. It is worth noting that stochastics is showing bearish pressure where price has previously reversed off the 91% level.
Description:
Pivot: 0.71622
Why we like it:
88.6% Fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap
1st Support: 0.71009
Why we like it:
38.2% and 61.8% fibonacci retracement
1st Resistance: 0.72003
Why we like it:
78.6% fibonacci retracement.
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.