#NZDUSD approaching the pivot, potential for a drop
Price is approaching the pivot level at 0.71300 which is in line with 127.2% Fibonacci retracement level, 161.8% Fibonacci extension level and descending trendline resistance. Price could potentially drop to support at 0.70290 which coincides with 23.6% Fibonacci retracement level and 61.8% Fibonacci extension level. Stochastic is also at resistance level where previous drops occurred.
Alternatively, price could potentially swing towards resistance at 0.72045, which coincides with -27.2% Fibonacci retracement level and 200% Fibonacci extension level.
Pivot:
0.71300
Why we like it:
127.2% Fibonacci retracement level, 161.8% Fibonacci extension level and descending trendline resistance
1st Support:
0.70290
23.6% Fibonacci retracement level and 61.8% Fibonacci extension level
1st Resistance:
0.72045
-27.2% Fibonacci retracement level and 200% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price could potentially swing towards resistance at 0.72045, which coincides with -27.2% Fibonacci retracement level and 200% Fibonacci extension level.
Pivot:
0.71300
Why we like it:
127.2% Fibonacci retracement level, 161.8% Fibonacci extension level and descending trendline resistance
1st Support:
0.70290
23.6% Fibonacci retracement level and 61.8% Fibonacci extension level
1st Resistance:
0.72045
-27.2% Fibonacci retracement level and 200% Fibonacci extension level
Trading FX & CFDs carries high risk.
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