NZDUSD Potential for Bearish Drop to 61.8 Fibonacci line Looking at the H4 chart, my overall bias for NZDUSD is bearish, as the current price is below the Ichimoku Cloud. Expecting the price to go down. Looking for sell entry at 0.61945 which is the overlap support, take profit at 0.59023 where the 61.8% Fibonacci Line is, and stop loss at 0.63892 where the recent swing high is.
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NAD
NZDUSD Potential for Bearish Drop to 50% Fibonacci Level Looking at the H4 chart, my overall bias for NZDUSD is bearish, as the current price is below the Ichimoku Cloud, and the ascending trend line has been broken, indicating a change in market structure. Expecting the price to go down, looking for pullback sell entry at 0.62767 where the 23.6% Fibonacci line is, take profit at 0.60053 where the 50% Fibonacci line is, and stop loss at 0.64057 where the recent overlap swing high is.
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#NZDUSD approaching a pivot, potential for a bearish breakout! Price is approaching pivot point at 0.69281 which is in line with 23.6% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal overlap support. A break and close below this level could see a price swing towards 1st support at 0.68535.This level is in line with 50.0% Fibonacci extension level & horizontal pullback support. Finally, price is unlikely to surpass our strong resistance at 0.69956, which coincides with 38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.69281
Why we like it:
23.6% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal overlap support
1st Support:
0.68535
Why we like it:
50.0% Fibonacci extension level & horizontal pullback support
1st Resistance:
0.69956
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
she gonna skew ngl i did not forsee us sticking this tightly to an advancing reverse H&S however, here we are, way above prior ATH. Next up we begin trading that final shoulder. I belive this will kick off a consolidation phase which may trade down to 21k range.
area of interest is marked in the elliptical.
apologies for the line puke of a chart. hide drawings to view coherently.
Trade safe and be smart
Don't miss the great buy opportunity in NZDUSDTrading suggestion:
. There is a possibility of temporary retracement to suggested support line (0.6600). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. NZDUSD is in a range bound and the beginning of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 54.
Take Profits:
TP1= @ 0.6638
TP2= @ 0.6705
TP3= @ 0.6768
TP4= @ 0.6820
TP5= @ 0.6893
SL= Break below S2
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