NZDUSD, H4 is approaching our Pivot. Potential for a drop.
Price is reversing from our Pivot point of 0.71893, which is in line with 61.8% Fibonacci retracement, 78.6% fibonacci extension, descending trendline resistance and moving average resistance. A potential drop from here towards our first support level of 0.71164, in line with the 50% fibonacci retracement and 100% fibonacci extension. Do note that price is trending under the moving average in line with our bearish analysis.
Description:
Pivot: 0.71893
Why we like it:
61.8% Fibonacci retracement, 78.6% fibonacci extension, descending trendline resistance and moving average resistance
1st Support: 0.71164
Why we like it:
-61.8% fibonacci retracement, 61.8% and 161.8% fibonacci extension.
1st Resistance: 0.72183
Why we like it:
127% fibonacci extension and 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.