#NZDUSD reaction below pivot, potential for a drop
Price is reacting below our pivot level at 0.70479 which is in line with 78.6% Fibonacci retracement level and descending trendline resistance. Price could potentially drops towards support at 0.70061 which is in line with 78.6% Fibonacci retracement level, 61.8% Fibonacci extension and ascending trendline support. RSI is also at descending trendline resistance for potential drop
Alternatively, price may swing towards resistance at 0.70679, which coincides with 78.6% Fibonacci retracement level and 78.6% Fibonacci extension level.
Pivot:
0.70479
Why we like it:
78.6% Fibonacci retracement level and descending trendline resistance
1st Support:
0.70061
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & ascending trendline support
1st Resistance:
0.70679
78.6% Fibonacci retracement level and 78.6% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price may swing towards resistance at 0.70679, which coincides with 78.6% Fibonacci retracement level and 78.6% Fibonacci extension level.
Pivot:
0.70479
Why we like it:
78.6% Fibonacci retracement level and descending trendline resistance
1st Support:
0.70061
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & ascending trendline support
1st Resistance:
0.70679
78.6% Fibonacci retracement level and 78.6% Fibonacci extension level
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.