#NZDUSD, H4 is testing our Pivot. Potential for a drop.
Price is reversing from our Pivot point of 0.69964, which is in line with 78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap. A potential drop from here towards our first support level of 0.69230, in line with the 78.6% fibonacci extension and horizontal swing low. Do note that price is under the Ichimoku cloud, in line with our bearish analysis.
Description:
Pivot: 0.69964
Why we like it:
78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 0.69230
Why we like it:
78.6% fibonacci extension and horizontal swing low
1st Resistance: 0.70422
Why we like it:
61.8% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
Trading FX & CFDs carries high risk.
Description:
Pivot: 0.69964
Why we like it:
78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 0.69230
Why we like it:
78.6% fibonacci extension and horizontal swing low
1st Resistance: 0.70422
Why we like it:
61.8% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
Trading FX & CFDs carries high risk.
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