#NZDUSD, H4 is testing our Pivot. Potential for a drop.
Price is testing our Pivot point of 0.70035, which is in line with 23.6% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap. A potential drop from here towards our first support level of 0.69430, in line with the 161.8% fibonacci extension and horizontal swing low. Do note that price is under the Ichimoku cloud, in line with our bearish analysis.
Description:
Pivot: 0.70035
Why we like it:
23.6% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap
1st Support: 0.69430
Why we like it:
161.8% fibonacci extension and horizontal swing low
1st Resistance: 0.70497
Why we like it:
61.8% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
Trading FX & CFDs carries high risk.
Description:
Pivot: 0.70035
Why we like it:
23.6% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap
1st Support: 0.69430
Why we like it:
161.8% fibonacci extension and horizontal swing low
1st Resistance: 0.70497
Why we like it:
61.8% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
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.