NZDUSD has reversed from our Pivot point. Potential for a drop
Description:
Price has reversed from our Pivot point of 0.71820, which is in line with 50%, 61.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal graphical resistance. A potential drop from here towards our first support level of 0.71316, in line with 78.6% fibonacci retracement, 100% fibonacci extension and horizontal swing low support. Please note that price is trending under the descending trendline, showing bearish pressure.
Pivot: 0.71820
Why we like it:
50%, 61.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal graphical resistance
1st Support: 0.71316
Why we like it:
78.6% fibonacci retracement, 100% fibonacci extension and horizontal swing low support
1st Resistance: 0.72177
Why we like it:
78.6% Fibonacci retracement, 88% fibonacci extension and horizontal graphical resistance.
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot point of 0.71820, which is in line with 50%, 61.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal graphical resistance. A potential drop from here towards our first support level of 0.71316, in line with 78.6% fibonacci retracement, 100% fibonacci extension and horizontal swing low support. Please note that price is trending under the descending trendline, showing bearish pressure.
Pivot: 0.71820
Why we like it:
50%, 61.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal graphical resistance
1st Support: 0.71316
Why we like it:
78.6% fibonacci retracement, 100% fibonacci extension and horizontal swing low support
1st Resistance: 0.72177
Why we like it:
78.6% Fibonacci retracement, 88% fibonacci extension and horizontal graphical resistance.
Trading FX & CFDs carries high risk.
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