#NZDUSD approaching the pivot, potential for a drop
Price is approaching the pivot level at 0.71300 which is in line with 127.2% Fibonacci retracement level, 161.8% Fibonacci extension level and descending trendline resistance. Price could potentially drop to support at 0.70290 which coincides with 23.6% Fibonacci retracement level and 61.8% Fibonacci extension level. Stochastic is also at resistance level where previous drops occurred.
Alternatively, price could potentially swing towards resistance at 0.72045, which coincides with -27.2% Fibonacci retracement level and 200% Fibonacci extension level.
Pivot:
0.71300
Why we like it:
127.2% Fibonacci retracement level, 161.8% Fibonacci extension level and descending trendline resistance
1st Support:
0.70290
23.6% Fibonacci retracement level and 61.8% Fibonacci extension level
1st Resistance:
0.72045
-27.2% Fibonacci retracement level and 200% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price could potentially swing towards resistance at 0.72045, which coincides with -27.2% Fibonacci retracement level and 200% Fibonacci extension level.
Pivot:
0.71300
Why we like it:
127.2% Fibonacci retracement level, 161.8% Fibonacci extension level and descending trendline resistance
1st Support:
0.70290
23.6% Fibonacci retracement level and 61.8% Fibonacci extension level
1st Resistance:
0.72045
-27.2% Fibonacci retracement level and 200% 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.