#NZDUSD, H4 approaching our Pivot. Potential for a drop.
Price is approaching our Pivot point of 0.71670, which is in line with 38.2% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap. A potential drop from here towards our first support level of 0.71147, in line with the 127% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low. Do note that price is under the moving average, in line with our bearish analysis.
Description:
Pivot: 0.71670
Why we like it:
38.2% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
1st Support: 0.71147
Why we like it:
127% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low
1st Resistance: 0.72187
Why we like it:
88.6% fibonacci retracement, 78.6% fibonacci extension and horizontal swing high
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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.