#NZDUSD, H4 testing Pivot, potential for bullish breakout.
Price is approaching and likely to breakout of strong pivot level of 0.70089. This level coincides with 78.6% Fibonacci retracement level, 78.6% Fibonacci retracement level & horizontal overlap support. A break and close above this level could see price swing towards 1st resistance at 0.7065. This level is strengthened by 50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support. Finally, we can expect price to take support at 0.69584, which coincides with 50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support . This is further supported by how MACD is holding above the 0 line.
Pivot:
0.70089
Why we like it:
78.6% Fibonacci retracement level, 78.6% Fibonacci retracement level & horizontal overlap support
1st Support:
0.69584
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
0.70650
78.6% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
0.70089
Why we like it:
78.6% Fibonacci retracement level, 78.6% Fibonacci retracement level & horizontal overlap support
1st Support:
0.69584
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
0.70650
78.6% Fibonacci retracement level, 127.2% Fibonacci extension 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.