#NZDUSD, H4 approaching our Pivot. Potential for a drop.

16 มิ.ย. 2021

Price is approaching our Pivot point of 0.71779, which is in line with 61.8% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap. A potential drop from here towards our first support level of 0.71049, in line with the 127% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low. Do note that price is under the descending trendline, in line with our bearish analysis.
Description:

Pivot: 0.71779
Why we like it:
61.8% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap

1st Support: 0.71049
Why we like it:
127% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low

1st Resistance: 0.72139
Why we like it:
88.6% fibonacci retracement, 78.6% fibonacci extension and horizontal swing high
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