#NZDUSD approaching pivot, potential for a drop!
Price is reacting below our pivot level at 0.70778 which is in line with 100% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal overlap resistance. Price can potentially take support at 0.69804, which is in line with 61.8% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support. Alternatively, price may rise up to our resistance at 0.71353, which coincides with 127.2% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.70778
Why we like it:
100% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal overlap resistance
1st Support:
0.69804
Why we like it:
61.8% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support
1st Resistance:
0.71353
Why we like it:
127.2% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
0.70778
Why we like it:
100% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal overlap resistance
1st Support:
0.69804
Why we like it:
61.8% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support
1st Resistance:
0.71353
Why we like it:
127.2% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap resistance
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.