#NZDUSD, H4 testing our Pivot. Potential for a drop.
Price is testing our Pivot point of 0.71656, which is in line with 78.6% Fibonacci retracement, 50% fibonacci extension and horizontal graphical overlap. A potential drop from here towards our first support level of 0.71324, in line with the 127% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low. Do note that MACD is under the 0 line, in line with our bearish analysis.
Description:
Pivot: 0.71656
Why we like it:
78.6% Fibonacci retracement, 50% fibonacci extension and horizontal graphical overlap
1st Support: 0.71324
Why we like it:
127% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low
1st Resistance: 0.71965
Why we like it:
61.8% fibonacci retracement and Ichimoku cloud 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.