#NZDUSD retested breakout trendline, potential for upside
Price is reacting above pivot level at 0.71300 which is in line with 127.2% Fibonacci retracement level, 161.8% Fibonacci extension level and trendline resistance-turned-support. Price could potentially swing towards resistance at 0.72130 which coincides with -61.8% Fibonacci retracement level and 200% Fibonacci extension level.
Alternatively, price could potentially drop to support level at 0.70830 which coincides with 23.6% Fibonacci retracement level and 61.8% Fibonacci extension level.
Pivot:
0.71300
Why we like it:
127.2% Fibonacci retracement level, 161.8% Fibonacci extension level and trendline resistance-turned-support
1st Support:
0.70830
23.6% Fibonacci retracement level and 61.8% Fibonacci extension level
1st Resistance:
0.72130
-61.8% Fibonacci retracement level and 200% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price could potentially drop to support level at 0.70830 which coincides with 23.6% Fibonacci retracement level and 61.8% Fibonacci extension level.
Pivot:
0.71300
Why we like it:
127.2% Fibonacci retracement level, 161.8% Fibonacci extension level and trendline resistance-turned-support
1st Support:
0.70830
23.6% Fibonacci retracement level and 61.8% Fibonacci extension level
1st Resistance:
0.72130
-61.8% Fibonacci retracement level and 200% Fibonacci extension level
Trading FX & CFDs carries high risk.
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