#NZDUSD approaching pivot, potential for a drop! |8th Nov

Nov 9, 2021

Price is reacting below our pivot level at 0.71777 which is in line with 78.6% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance. Price can potentially take support at 0.70793, which is in line with 100% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal overlap support. Alternatively, price may rise up to our resistance at 0.72135, which coincides with & horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.

Pivot:
0.71777
Why we like it:
78.6% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance

1st Support:
0.70793
Why we like it:
100% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal overlap support

1st Resistance:
0.72135
Why we like it:
horizontal swing high resistance

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