#NZDUSD, H4 is reversing from our Pivot. Potential for a drop.

Price is reversing from our Pivot point of 0.70748, which is in line with 61.8% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap. A potential drop from here towards our first support level of 0.69790, in line with the 61.8% fibonacci retracement, 38.2% fibonacci extension and horizontal graphical overlap. Do note that price is under the Ichimoku cloud and descending trendline, Stochastics is showing bearish pressure where price have previously reversed from 86%.

Description:

Pivot: 0.70748
Why we like it:
61.8% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap

1st Support: 0.69790
Why we like it:
61.8% fibonacci retracement, 38.2% fibonacci extension and horizontal graphical overlap

1st Resistance: 0.71299
Why we like it:
88.6% fibonacci retracement, 161.8% fibonacci extension and horizontal graphical overlap
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