#NZDUSD is at pivot, potential for a drop
Price is reacting below our pivot level at 0.69000 which is in line with 38.2% Fibonacci retracement level and horizontal overlap resistance. Price could potentially pull-back to support at 0.68550 which coincides with 38.2%, 50% Fibonacci retracement level and 20EMA. Stochastic is also at descending trendline resistance for a possible pull-back.
Alternatively, if price bounce towards resistance at 0.69280, which coincides with 50% Fibonacci retracement level and 127.2% Fibonacci extension level.
Pivot:
0.69000
Why we like it:
38.2% Fibonacci retracement level and horizontal overlap resistance
1st Support:
0.68550
38.2%, 50% Fibonacci retracement level and 20EMA
1st Resistance:
0.69280
50% Fibonacci retracement level and 127.2% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, if price bounce towards resistance at 0.69280, which coincides with 50% Fibonacci retracement level and 127.2% Fibonacci extension level.
Pivot:
0.69000
Why we like it:
38.2% Fibonacci retracement level and horizontal overlap resistance
1st Support:
0.68550
38.2%, 50% Fibonacci retracement level and 20EMA
1st Resistance:
0.69280
50% Fibonacci retracement level and 127.2% 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.