#NZDUSD, H4 is testing our Pivot. Potential for a drop.
Price is testing our Pivot point of 0.70035, which is in line with 23.6% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap. A potential drop from here towards our first support level of 0.69430, in line with the 161.8% fibonacci extension and horizontal swing low. Do note that price is under the Ichimoku cloud, in line with our bearish analysis.
Description:
Pivot: 0.70035
Why we like it:
23.6% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap
1st Support: 0.69430
Why we like it:
161.8% fibonacci extension and horizontal swing low
1st Resistance: 0.70497
Why we like it:
61.8% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
Trading FX & CFDs carries high risk.
Description:
Pivot: 0.70035
Why we like it:
23.6% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap
1st Support: 0.69430
Why we like it:
161.8% fibonacci extension and horizontal swing low
1st Resistance: 0.70497
Why we like it:
61.8% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
Trading FX & CFDs carries high risk.
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