NZDUSD, H4 is bouncing from our Pivot. Potential for a rise.
Price is bouncing from our Pivot point of 0.70275, which is in line with 78.6% Fibonacci retracement, 50% fibonacci extension and horizontal graphical overlap. A potential rise from here towards our first resistance level of 0.70987, in line with the 88%, 161.8% fibonacci retracement and 61.8% fibonacci extension. It is worth noting that the MACD is above 0 line, in like with our bullish analysis.
Description:
Pivot: 0.70275
Why we like it:
78.6% Fibonacci retracement, 50% fibonacci extension and horizontal graphical overlap
1st Support: 0.69794
Why we like it:
38/2% and 78.6% fibonacci retracement.
1st Resistance: 0.70987
Why we like it:
88%, 161.8% fibonacci retracement and 61.8% fibonacci extension
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