#NZDUSD approaching pivot, potentail for a reversal!
Description
Price is approaching pivot level of 0.69841 where we have 50.0% Fibonacci retracement level & horizontal overlap resistance lining up. A reversal from this level might see price take support at 0.68838, which is in line with 78.6% Fibonacci retracement level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 0.70513, which coincides with 161.8% Fibonacci extension level & horizontal overlap resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.69841
Why we like it:
50.0% Fibonacci retracement level & horizontal overlap resistance
1st Support:
Why we like it:
0.68838
78.6% Fibonacci retracement level & horizontal swing low support
1st Resistance:
Why we like it:
0.70513
161.8% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 0.69841 where we have 50.0% Fibonacci retracement level & horizontal overlap resistance lining up. A reversal from this level might see price take support at 0.68838, which is in line with 78.6% Fibonacci retracement level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 0.70513, which coincides with 161.8% Fibonacci extension level & horizontal overlap resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.69841
Why we like it:
50.0% Fibonacci retracement level & horizontal overlap resistance
1st Support:
Why we like it:
0.68838
78.6% Fibonacci retracement level & horizontal swing low support
1st Resistance:
Why we like it:
0.70513
161.8% Fibonacci extension 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.