NZDUSD, H4 bounced off our Pivot point. Potential for rise.
Description:
Price is bouncing off our Pivot point of 0.70224, which is in line with 50%, 88%, 127% Fibonacci retracement and horizontal graphical overlap. A bounce from here could see it rise to our first resistance level of 0.70895, in line with 78.6% Fibonacci extension and horizontal swing high resistance. It is worth noting that price is trending under a descending trendline in line with our profit target.
Pivot: 0.70224
Why we like it:
50%, 88%, 127% Fibonacci retracement and horizontal graphical overlap
1st Support: 0.69799
Why we like it:
61.8%, 161.8% Fibonacci retracement, 127% Fibonacci extension and horizontal graphical overlap
1st Resistance: 0.70895
Why we like it:
78.6% Fibonacci extension and horizontal swing high resistance
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