NZDUSD, H4 is bouncing from our Pivot point. Potential for rise!
Description:
Price is bouncing from our Pivot point of 0.71000, which is in line with 78.6%, -27% Fibonacci retracement, 88% Fibonacci extension and horizontal graphical overlap. A potential rise from here towards our first resistance level of 0.71854, in line with 50% Fibonacci retracement, 127% fibonacci extension and ascending trendline resistance. Please note that price has broken out of the ascending trendline and a retest could potentially happen, in line with our short-term bullish analysis.
Pivot: 0.71000
Why we like it:
78.6%, -27% Fibonacci retracement, 88% Fibonacci extension and horizontal graphical overlap
1st Support: 0.70425
Why we like it:
-61.8% Fibonacci retracement, 127% Fibonacci extension and horizontal swing low support.
1st Resistance: 0.71854
Why we like it:
50% Fibonacci retracement, 127% fibonacci extension and ascending trendline resistance.
Trading FX & CFDs carries high risk.
Price is bouncing from our Pivot point of 0.71000, which is in line with 78.6%, -27% Fibonacci retracement, 88% Fibonacci extension and horizontal graphical overlap. A potential rise from here towards our first resistance level of 0.71854, in line with 50% Fibonacci retracement, 127% fibonacci extension and ascending trendline resistance. Please note that price has broken out of the ascending trendline and a retest could potentially happen, in line with our short-term bullish analysis.
Pivot: 0.71000
Why we like it:
78.6%, -27% Fibonacci retracement, 88% Fibonacci extension and horizontal graphical overlap
1st Support: 0.70425
Why we like it:
-61.8% Fibonacci retracement, 127% Fibonacci extension and horizontal swing low support.
1st Resistance: 0.71854
Why we like it:
50% Fibonacci retracement, 127% fibonacci extension and ascending trendline resistance.
Trading FX & CFDs carries high risk.