NZDUSD, H4 attempting to break our Pivot. Potential for a drop
Price is testing for a bearish breakout from our Pivot point of 0.71156, which is in line with 161.8% Fibonacci retracement, 78.6%, 161.8% fibonacci extension and horizontal swing low support. A potential drop from here towards our first support level of 0.70511, in line with the -27% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap. It is worth noting that price is under the Ichimoku cloud in line with our bearish analysis.
Description:
Pivot: 0.71156
Why we like it:
161.8% Fibonacci retracement, 78.6%, 161.8% fibonacci extension and horizontal swing low support
1st Support: 0.70511
Why we like it:
-27% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap.
1st Resistance: 0.71794
Why we like it:
78.6% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
Trading FX & CFDs carries high risk.
Description:
Pivot: 0.71156
Why we like it:
161.8% Fibonacci retracement, 78.6%, 161.8% fibonacci extension and horizontal swing low support
1st Support: 0.70511
Why we like it:
-27% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap.
1st Resistance: 0.71794
Why we like it:
78.6% 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.