NZDUSD, H4 is bouncing from our Pivot. Potential for a rise.
Price is bouncing from our Pivot point of 0.70275, which is in line with 78.6% Fibonacci retracement, 50% fibonacci extension and horizontal graphical overlap. A potential rise from here towards our first resistance level of 0.70987, in line with the 88%, 161.8% fibonacci retracement and 61.8% fibonacci extension. It is worth noting that the MACD is above 0 line, in like with our bullish analysis.
Description:
Pivot: 0.70275 Why we like it: 78.6% Fibonacci retracement, 50% fibonacci extension and horizontal graphical overlap
1st Support: 0.69794 Why we like it: 38/2% and 78.6% fibonacci retracement.
1st Resistance: 0.70987 Why we like it: 88%, 161.8% fibonacci retracement and 61.8% fibonacci extension