#NZDUSD approaching pivot, potential for a drop!
Price is reacting below our pivot level at 0.71917 which is in line with 61.8% Fibonacci retracement level. Price can potentially take support at 0.70895, which is in line with 61.8% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal overlap support. Alternatively, price may rise up to our resistance at 0.72163, which coincides with 100% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is likely to reverse off the RSI resistance level.
Pivot:
0.71917
Why we like it:
61.8% Fibonacci retracement level
1st Support:
0.70895
Why we like it:
61.8% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal overlap support
1st Resistance:
0.72163
Why we like it:
100% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
0.71917
Why we like it:
61.8% Fibonacci retracement level
1st Support:
0.70895
Why we like it:
61.8% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal overlap support
1st Resistance:
0.72163
Why we like it:
100% Fibonacci extension level & horizontal swing high 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.