NZDUSD, H4 is reaching from our Pivot. Potential for a drop.

Price is reaching our Pivot point of 0.69780, which is in line with 88%,61.8% Fibonacci retracement, 161.8% fibonacci extension and horizontal graphical overlap. A potential drop from here towards our first support level of 0.69207, in line with the 127% fibonacci retracement and 127% fibonacci extension. It is worth noting that the price is under the Ichimoku cloud in line with our bearish analysis.

Description:

Pivot: 0.69780
Why we like it:
88%,61.8% Fibonacci retracement, 161.8% fibonacci extension and horizontal graphical overlap

1st Support: 0.69207
Why we like it:
127% fibonacci retracement and 127% fibonacci extension

1st Resistance: 0.70353
Why we like it:
100%, 127% fibonacci extension and horizontal swing high.

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