#NZDUSD, H4 approaching our Pivot. Potential for a drop.
Price is approaching our Pivot point of 0.71670, which is in line with 38.2% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap. A potential drop from here towards our first support level of 0.71147, in line with the 127% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low. Do note that price is under the moving average, in line with our bearish analysis.
Description:
Pivot: 0.71670
Why we like it:
38.2% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
1st Support: 0.71147
Why we like it:
127% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low
1st Resistance: 0.72187
Why we like it:
88.6% fibonacci retracement, 78.6% fibonacci extension and horizontal swing high
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