#NZDUSD approaching pivot, potential for a bounce!
Description
Price is approaching pivot level of 0.69779, which is in line with 61.8% Fibonacci retracement level & horizontal overlap support. A reversal from this level may see price take resistance at price 0.7039. This level coincides with -27.2% Fibonacci retracement level & horizontal swing high resistance. Finally, we can expect price to take support at 0.69323127.2% Fibonacci retracement level & horizontal swing low support . This is further supported by how MACD is holding above the 0 line.
Pivot:
0.69779
Why we like it:
61.8% Fibonacci retracement level & horizontal overlap support
1st Support:
0.69323
127.2% Fibonacci retracement level & horizontal swing low support
1st Resistance:
0.70390
-27.2% Fibonacci retracement level & horizontal swing high resistance
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.