#NZDUSD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 0.69427 which is in line with 38.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance. Price can potentially take support at 0.68616, which is in line with -27.2%Fibonacci retracement level. Alternatively, price may rise up to our resistance at 0.69786, which coincides with 61.8% Fibonacci retracement level, 127.2% Fibonacci retracement level & horizontal overlap resistance . This is further supported by how MACD is below the 0 line.
Pivot:
0.69427
Why we like it:
38.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance
1st Support:
0.68616
-27.2%Fibonacci retracement level
1st Resistance:
0.69786
61.8% Fibonacci retracement level, 127.2% Fibonacci retracement level & horizontal overlap resistance
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