#NZDUSD, H4 testing Pivot, potential for bullish breakout.
Price is approaching and likely to breakout of strong pivot level of 0.70089. This level coincides with 78.6% Fibonacci retracement level, 78.6% Fibonacci retracement level & horizontal overlap support. A break and close above this level could see price swing towards 1st resistance at 0.7065. This level is strengthened by 50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support. Finally, we can expect price to take support at 0.69584, which coincides with 50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support . This is further supported by how MACD is holding above the 0 line.
Pivot:
0.70089
Why we like it:
78.6% Fibonacci retracement level, 78.6% Fibonacci retracement level & horizontal overlap support
1st Support:
0.69584
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
0.70650
78.6% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
0.70089
Why we like it:
78.6% Fibonacci retracement level, 78.6% Fibonacci retracement level & horizontal overlap support
1st Support:
0.69584
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
0.70650
78.6% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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