NZDUSD, H4 testing our Pivot point. Potential for further drop
Description:
Price is testing our Pivot point of 0.70669, which is in line with 38.2% Fibonacci retracement, 50% Fibonacci extension and horizontal graphical overlap. A potential drop from here towards our first support level of 0.70161, in line with 88% Fibonacci retracement and horizontal swing low is possible. It is worth noting that price is trending under EMA (89) in line with our bullish momentum.
Pivot: 0.70669
Why we like it:
38.2% Fibonacci retracement, 50% Fibonacci extension and horizontal graphical overlap
1st Support: 0.70161
Why we like it:
88% Fibonacci retracement and horizontal swing low
1st Resistance: 0.71071
Why we like it:
88% Fibonacci extension, 61.8% fibonacci retracement and horizontal swing high
Trading FX & CFDs carries high risk.
Price is testing our Pivot point of 0.70669, which is in line with 38.2% Fibonacci retracement, 50% Fibonacci extension and horizontal graphical overlap. A potential drop from here towards our first support level of 0.70161, in line with 88% Fibonacci retracement and horizontal swing low is possible. It is worth noting that price is trending under EMA (89) in line with our bullish momentum.
Pivot: 0.70669
Why we like it:
38.2% Fibonacci retracement, 50% Fibonacci extension and horizontal graphical overlap
1st Support: 0.70161
Why we like it:
88% Fibonacci retracement and horizontal swing low
1st Resistance: 0.71071
Why we like it:
88% Fibonacci extension, 61.8% fibonacci retracement and horizontal swing high
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.