#NZDUSD approaching pivot, potential for a drop!
Price is reacting below our pivot level at 0.71917 which is in line with 61.8% Fibonacci retracement level. Price can potentially take support at 0.70895, which is in line with 61.8% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal overlap support. Alternatively, price may rise up to our resistance at 0.72163, which coincides with 100% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is likely to reverse off the RSI resistance level.
Pivot:
0.71917
Why we like it:
61.8% Fibonacci retracement level
1st Support:
0.70895
Why we like it:
61.8% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal overlap support
1st Resistance:
0.72163
Why we like it:
100% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
0.71917
Why we like it:
61.8% Fibonacci retracement level
1st Support:
0.70895
Why we like it:
61.8% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal overlap support
1st Resistance:
0.72163
Why we like it:
100% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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