#NZDUSD, H4 approaching our Pivot. Potential for a drop.
Price is approaching our Pivot point of 0.72038, which is in line with 78.6%, 38.2% fibonacci retracement and horizontal graphical overlap. A potential drop from here towards our first support level of 0.71507, in line with the 78.6% fibonacci retracement, 127% fibonacci extension and horizontal swing low. Do note that price is under the moving average and descending trendline, in line with our bearish analysis.
Description:
Pivot: 0.72038
Why we like it:
78.6%, 38.2% fibonacci retracement and horizontal graphical overlap
1st Support: 0.71507
Why we like it:
78.6% fibonacci retracement, 127% fibonacci extension and horizontal swing low
1st Resistance: 0.72446
Why we like it:
161.8% fibonacci retracement, 61.8% fibonacci extension and horizontal swing high
Trading FX & CFDs carries high risk.
Description:
Pivot: 0.72038
Why we like it:
78.6%, 38.2% fibonacci retracement and horizontal graphical overlap
1st Support: 0.71507
Why we like it:
78.6% fibonacci retracement, 127% fibonacci extension and horizontal swing low
1st Resistance: 0.72446
Why we like it:
161.8% fibonacci retracement, 61.8% fibonacci extension and horizontal swing high
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.