NZDUSD, H4 is reversing from our Pivot. Potential for a drop.
Price is reversing from our Pivot point of 0.69946, which is in line with 161.8%, 78.6% Fibonacci retracement and horizontal graphical overlap. A potential drop from here towards our first support level of 0.68874, in line with the -27% fibonacci retracement, 200% fibonacci extension and horizontal graphical overlap. It is worth noting that price is under the Ichimoku cloud in line with our bearish analysis.
Description:
Pivot: 0.69946
Why we like it:
161.8%, 78.6% Fibonacci retracement and horizontal graphical overlap
1st Support: 0.68874
Why we like it:
-27% fibonacci retracement, 200% fibonacci extension and horizontal graphical overlap
1st Resistance: 0.70548
Why we like it:
61.8%, 127%, -61.8% fibonacci retracement and ichimoku cloud resistance.
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