#NZDUSD approaching pivot, potentail for a reversal!
Price is approaching pivot level of 0.69818 where we have 38.2% Fibonacci retracement level & horizontal overlap resistance lining up. A reversal from this level might see price take support at 0.6807, which is in line with 78.6% Fibonacci extension level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 0.70855, which coincides with 78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance . This is further supported by how price is holding below the EMA
Pivot:
0.69818
Why we like it:
38.2% Fibonacci retracement level & horizontal overlap resistance
1st Support:
0.68070
Why we like it:
78.6% Fibonacci extension level & horizontal swing low support
1st Resistance:
0.70855
Why we like it:
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance
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.