NZDUSD, H4 reversed from our Pivot. Potential for a drop.
Price is testing our Pivot point of 0.71627, which is in line with 61.8% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap. A potential drop from here towards our first support level of 0.70518, in line with the -27%, -61.8% fibonacci retracement, 100% and 76.4% fibonacci extension. It is worth noting that price is trending under the Ichimoku cloud, in line with our bearish view.
Description:
Pivot: 0.71627
Why we like it:
61.8% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 0.70518
Why we like it:
-27%, -61.8% fibonacci retracement, 100% and 76.4% fibonacci extension
1st Resistance: 0.72289
Why we like it:
61.8%, 127% fibonacci retracement 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.