#NZDUSD reacting at the pivot, potential for a drop
Price is reacting below our pivot level at 0.70080 which is in line with 78.6% Fibonacci retracement level and 61.8% Fibonacci extension level. Price could potentially drop to support at 0.69380 which coincides with 38.2% Fibonacci retracement level and 61.8% Fibonacci extension level. Stochastic is also at resistance level where previous drops occurred.
Alternatively, price could potentially swing towards resistance at 0.70625, which coincides with 100% Fibonacci retracement level and 127.2% Fibonacci extension level.
Pivot:
0.70080
Why we like it:
78.6% Fibonacci retracement level and 61.8% Fibonacci extension level
1st Support:
0.69380
38.2% Fibonacci retracement level and 61.8% Fibonacci extension level
1st Resistance:
0.70625
100% Fibonacci retracement level and 127.2% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price could potentially swing towards resistance at 0.70625, which coincides with 100% Fibonacci retracement level and 127.2% Fibonacci extension level.
Pivot:
0.70080
Why we like it:
78.6% Fibonacci retracement level and 61.8% Fibonacci extension level
1st Support:
0.69380
38.2% Fibonacci retracement level and 61.8% Fibonacci extension level
1st Resistance:
0.70625
100% Fibonacci retracement level and 127.2% Fibonacci extension level
Trading FX & CFDs carries high risk.
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