#NZDUSD approaching pivot, potential for bullish drop!
Description
Price is reacting below our pivot level at 0.70056 which is in line with 61.8% Fibonacci retracement level, 38.2% Fibonacci extension level & horizontal overlap resistance. Price can potentially take support at 0.69268, which is in line with 127.2% Fibonacci retracement level, 76.4% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 0.7103, which coincides with 76.4% Fibonacci retracement level & horizontal swing high resistance . This is further supported by how price is holding below the EMA.
Pivot:
0.70056
Why we like it:
61.8% Fibonacci retracement level, 38.2% Fibonacci extension levelhorizontal overlap resistance
1st Support:
0.69
127.2% Fibonacci retracement level, 76.4% Fibonacci extension level & horizontal swing low support
1st Resistance:
0.71030
76.4% Fibonacci retracement level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.70056 which is in line with 61.8% Fibonacci retracement level, 38.2% Fibonacci extension level & horizontal overlap resistance. Price can potentially take support at 0.69268, which is in line with 127.2% Fibonacci retracement level, 76.4% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 0.7103, which coincides with 76.4% Fibonacci retracement level & horizontal swing high resistance . This is further supported by how price is holding below the EMA.
Pivot:
0.70056
Why we like it:
61.8% Fibonacci retracement level, 38.2% Fibonacci extension levelhorizontal overlap resistance
1st Support:
0.69
127.2% Fibonacci retracement level, 76.4% Fibonacci extension level & horizontal swing low support
1st Resistance:
0.71030
76.4% Fibonacci retracement level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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.
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.