#NZDUSD approaching pivot, potentail for a reversal!
Description
Price is approaching pivot level of 0.69841 where we have 50.0% Fibonacci retracement level & horizontal overlap resistance lining up. A reversal from this level might see price take support at 0.68838, which is in line with 78.6% Fibonacci retracement level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 0.70513, which coincides with 161.8% Fibonacci extension level & horizontal overlap resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.69841
Why we like it:
50.0% Fibonacci retracement level & horizontal overlap resistance
1st Support:
Why we like it:
0.68838
78.6% Fibonacci retracement level & horizontal swing low support
1st Resistance:
Why we like it:
0.70513
161.8% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 0.69841 where we have 50.0% Fibonacci retracement level & horizontal overlap resistance lining up. A reversal from this level might see price take support at 0.68838, which is in line with 78.6% Fibonacci retracement level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 0.70513, which coincides with 161.8% Fibonacci extension level & horizontal overlap resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.69841
Why we like it:
50.0% Fibonacci retracement level & horizontal overlap resistance
1st Support:
Why we like it:
0.68838
78.6% Fibonacci retracement level & horizontal swing low support
1st Resistance:
Why we like it:
0.70513
161.8% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Disclaimer
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