NZDUSD is reversing from our Pivot point. Potential for a drop!
Description:
Price is reversing from our Pivot point of 0.72345, which is in line with 38.2%, 50% Fibonacci retracement, 61.8% Fibonacci extension, horizontal graphical overlap and descending trendline resistance. A potential drop from here towards our first support level of 0.71714, in line with 61.8% Fibonacci retracement and 127% fibonacci extension. Please note that price is trending within a squeezing triangle and MACD is under the 0 line, in line with our short-term bearish view.
Pivot: 0.72345
Why we like it:
38.2%, 50% Fibonacci retracement, 61.8% Fibonacci extension, horizontal graphical overlap and descending trendline resistance
1st Support: 0.71714
Why we like it:
61.8% Fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap
1st Resistance: 0.72825
Why we like it:
78.6% Fibonacci retracement, 241.4% fibonacci extension and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Price is reversing from our Pivot point of 0.72345, which is in line with 38.2%, 50% Fibonacci retracement, 61.8% Fibonacci extension, horizontal graphical overlap and descending trendline resistance. A potential drop from here towards our first support level of 0.71714, in line with 61.8% Fibonacci retracement and 127% fibonacci extension. Please note that price is trending within a squeezing triangle and MACD is under the 0 line, in line with our short-term bearish view.
Pivot: 0.72345
Why we like it:
38.2%, 50% Fibonacci retracement, 61.8% Fibonacci extension, horizontal graphical overlap and descending trendline resistance
1st Support: 0.71714
Why we like it:
61.8% Fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap
1st Resistance: 0.72825
Why we like it:
78.6% Fibonacci retracement, 241.4% fibonacci extension and horizontal swing high resistance.
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.