#NZDUSD, H4 approaching our Pivot. Potential for a bounce.
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Price is approaching our Pivot point of 0.72425, which is in line with 61.8% Fibonacci retracement, 50% fibonacci extension and horizontal graphical overlap. A potential rise from here towards our first resistance level of 0.73089, in line with the -27%, 88.6% fibonacci retracement, 78.6% fibonacci extension and horizontal swing high. Do note that price is above the Ichimoku cloud, in line with our bullish analysis. Description:
Pivot: 0.72425 Why we like it: 61.8% Fibonacci retracement, 50% fibonacci extension and horizontal graphical overlap
1st Support: 0.72107 Why we like it: 78.6% fibonacci extension and horizontal swing low.
1st Resistance: 0.73089 Why we like it: -27%, 88.6% fibonacci retracement, 78.6% fibonacci extension and horizontal swing high Trading FX & CFDs carries high risk.