NZDUSD, H4 testing our Pivot point. Potential for further drop
Description:
Price is testing our Pivot point of 0.70669, which is in line with 38.2% Fibonacci retracement, 50% Fibonacci extension and horizontal graphical overlap. A potential drop from here towards our first support level of 0.70161, in line with 88% Fibonacci retracement and horizontal swing low is possible. It is worth noting that price is trending under EMA (89) in line with our bullish momentum.
Pivot: 0.70669
Why we like it:
38.2% Fibonacci retracement, 50% Fibonacci extension and horizontal graphical overlap
1st Support: 0.70161
Why we like it:
88% Fibonacci retracement and horizontal swing low
1st Resistance: 0.71071
Why we like it:
88% Fibonacci extension, 61.8% fibonacci retracement and horizontal swing high
Trading FX & CFDs carries high risk.
Price is testing our Pivot point of 0.70669, which is in line with 38.2% Fibonacci retracement, 50% Fibonacci extension and horizontal graphical overlap. A potential drop from here towards our first support level of 0.70161, in line with 88% Fibonacci retracement and horizontal swing low is possible. It is worth noting that price is trending under EMA (89) in line with our bullish momentum.
Pivot: 0.70669
Why we like it:
38.2% Fibonacci retracement, 50% Fibonacci extension and horizontal graphical overlap
1st Support: 0.70161
Why we like it:
88% Fibonacci retracement and horizontal swing low
1st Resistance: 0.71071
Why we like it:
88% Fibonacci extension, 61.8% fibonacci retracement and horizontal swing high
Trading FX & CFDs carries high risk.
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