NZDUSD, H4 has reached our Pivot point. Potential for a bounce.
Price is testing our Pivot point of 0.71945, which is in line with 78.6% Fibonacci retracement, 100% Fibonacci extension, ascending trendline support and horizontal graphical support. A potential rise from here towards our first resistance level of 0.72409, in line with 61.8% fibonacci retracement and 61.8% fibonacci extension. Please note that price is trending above the ascending trendline, in line with our bullish view.
Description:
Pivot: 0.71945
Why we like it:
78.6% Fibonacci retracement, 100% Fibonacci extension, ascending trendline support and horizontal graphical support
1st Support: 0.71729
Why we like it:
61.8% fibonacci retracement and 127% fibonacci extension
1st Resistance: 0.72409
Why we like it:
127%, 61.8% fibonacci extension and Horizontal swing high resistance
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