#NZDUSD reacting at the pivot, potential for a drop
Price is reacting below our pivot level at 0.70080 which is in line with 78.6% Fibonacci retracement level and 61.8% Fibonacci extension level. Price could potentially drop to support at 0.69380 which coincides with 38.2% Fibonacci retracement level and 61.8% Fibonacci extension level. Stochastic is also at resistance level where previous drops occurred.
Alternatively, price could potentially swing towards resistance at 0.70625, which coincides with 100% Fibonacci retracement level and 127.2% Fibonacci extension level.
Pivot:
0.70080
Why we like it:
78.6% Fibonacci retracement level and 61.8% Fibonacci extension level
1st Support:
0.69380
38.2% Fibonacci retracement level and 61.8% Fibonacci extension level
1st Resistance:
0.70625
100% Fibonacci retracement level and 127.2% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price could potentially swing towards resistance at 0.70625, which coincides with 100% Fibonacci retracement level and 127.2% Fibonacci extension level.
Pivot:
0.70080
Why we like it:
78.6% Fibonacci retracement level and 61.8% Fibonacci extension level
1st Support:
0.69380
38.2% Fibonacci retracement level and 61.8% Fibonacci extension level
1st Resistance:
0.70625
100% 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.