#NZDUSD, H4 is reacting below our pivot, potential for drop.
Description
Price is reacting below our pivot level at 0.69899 which is in line with 61.8% Fibonacci retracement level, 78.6% Fibonacci retracement level. Price can potentially take support at 0.69229, which is in line with 127.2% Fibonacci retracement level-61.8% Fibonacci retracement level. Alternatively, price may rise up to our resistance at 0.70609, which coincides with 78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.69899
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci retracement level
1st Support:
0.69229
127.2% Fibonacci retracement level-61.8% Fibonacci retracement level
1st Resistance:
0.70609
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.69899 which is in line with 61.8% Fibonacci retracement level, 78.6% Fibonacci retracement level. Price can potentially take support at 0.69229, which is in line with 127.2% Fibonacci retracement level-61.8% Fibonacci retracement level. Alternatively, price may rise up to our resistance at 0.70609, which coincides with 78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.69899
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci retracement level
1st Support:
0.69229
127.2% Fibonacci retracement level-61.8% Fibonacci retracement level
1st Resistance:
0.70609
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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