#NZDUSD, H4 approaching our Pivot. Potential for a drop.
Price is approaching our Pivot point of 0.72038, which is in line with 78.6%, 38.2% fibonacci retracement and horizontal graphical overlap. A potential drop from here towards our first support level of 0.71507, in line with the 78.6% fibonacci retracement, 127% fibonacci extension and horizontal swing low. Do note that price is under the moving average and descending trendline, in line with our bearish analysis.
Description:
Pivot: 0.72038
Why we like it:
78.6%, 38.2% fibonacci retracement and horizontal graphical overlap
1st Support: 0.71507
Why we like it:
78.6% fibonacci retracement, 127% fibonacci extension and horizontal swing low
1st Resistance: 0.72446
Why we like it:
161.8% fibonacci retracement, 61.8% fibonacci extension and horizontal swing high
Trading FX & CFDs carries high risk.
Description:
Pivot: 0.72038
Why we like it:
78.6%, 38.2% fibonacci retracement and horizontal graphical overlap
1st Support: 0.71507
Why we like it:
78.6% fibonacci retracement, 127% fibonacci extension and horizontal swing low
1st Resistance: 0.72446
Why we like it:
161.8% fibonacci retracement, 61.8% fibonacci extension and horizontal swing high
Trading FX & CFDs carries high risk.
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