#NZDUSD approaching pivot, potential for bullish drop!
Description
Price is reacting below our pivot level at 0.70056 which is in line with 61.8% Fibonacci retracement level, 38.2% Fibonacci extension level & horizontal overlap resistance. Price can potentially take support at 0.69268, which is in line with 127.2% Fibonacci retracement level, 76.4% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 0.7103, which coincides with 76.4% Fibonacci retracement level & horizontal swing high resistance . This is further supported by how price is holding below the EMA.
Pivot:
0.70056
Why we like it:
61.8% Fibonacci retracement level, 38.2% Fibonacci extension levelhorizontal overlap resistance
1st Support:
0.69
127.2% Fibonacci retracement level, 76.4% Fibonacci extension level & horizontal swing low support
1st Resistance:
0.71030
76.4% Fibonacci retracement level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.70056 which is in line with 61.8% Fibonacci retracement level, 38.2% Fibonacci extension level & horizontal overlap resistance. Price can potentially take support at 0.69268, which is in line with 127.2% Fibonacci retracement level, 76.4% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 0.7103, which coincides with 76.4% Fibonacci retracement level & horizontal swing high resistance . This is further supported by how price is holding below the EMA.
Pivot:
0.70056
Why we like it:
61.8% Fibonacci retracement level, 38.2% Fibonacci extension levelhorizontal overlap resistance
1st Support:
0.69
127.2% Fibonacci retracement level, 76.4% Fibonacci extension level & horizontal swing low support
1st Resistance:
0.71030
76.4% Fibonacci retracement level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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