NZDUSD, H4 reversed from our Pivot. Potential for a drop.
Price has reversed from our Pivot point of 0.72301, which is in line with 61.8% Fibonacci retracement, 61.8% fibonacci extension, moving average resistance and horizontal graphical overlap. A potential drop from here towards our first support level of 0.71325, in line with the 78.6% fibonacci retracement, 100% fibonacci extension and horizontal swing low area. It is worth noting that price is trending under the moving average, in line with our analysis.
Description:
Pivot: 0.72301
Why we like it:
61.8% Fibonacci retracement, 61.8% fibonacci extension, moving average resistance and horizontal graphical overlap
1st Support: 0.71325
Why we like it:
78.6% fibonacci retracement, 100% fibonacci extension and horizontal swing low area
1st Resistance: 0.72907
Why we like it:
88% fibonacci retracement, 127% fibonacci extension and horizontal graphical resistance.
Trading FX & CFDs carries high risk.
Description:
Pivot: 0.72301
Why we like it:
61.8% Fibonacci retracement, 61.8% fibonacci extension, moving average resistance and horizontal graphical overlap
1st Support: 0.71325
Why we like it:
78.6% fibonacci retracement, 100% fibonacci extension and horizontal swing low area
1st Resistance: 0.72907
Why we like it:
88% fibonacci retracement, 127% fibonacci extension and horizontal graphical resistance.
Trading FX & CFDs carries high risk.
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