#NZDUSD approaching pivot, potential for a reversal!
Price is approaching pivot level of 0.71518 where we have 78.6% Fibonacci retracement level & horizontal swing high resistance lining up. A reversal from this level might see price take support at 0.69828, which is in line with 61.8% Fibonacci retracement level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 0.72115, which coincides with 100% Fibonacci extension level, 78.6% Fibonacci retracement level . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.71518
Why we like it:
78.6% Fibonacci retracement level & horizontal swing high resistance
1st Support:
0.69828
Why we like it:
61.8% Fibonacci retracement level & horizontal swing low support
1st Resistance:
0.72115
Why we like it:
100% Fibonacci extension level, 78.6% Fibonacci retracement level
Trading FX & CFDs carries high risk.
Pivot:
0.71518
Why we like it:
78.6% Fibonacci retracement level & horizontal swing high resistance
1st Support:
0.69828
Why we like it:
61.8% Fibonacci retracement level & horizontal swing low support
1st Resistance:
0.72115
Why we like it:
100% Fibonacci extension level, 78.6% Fibonacci retracement level
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.