#NZDUSD approaching pivot, potential for bounce!
Price is approaching pivot level at 0.69450, in-line with 61.8% Fibonacci retracement level, 78.6% Fibonacci extension level and horizontal overlap support. Price could potentially bounce towards resistance at 0.70575, in-line with 50% Fibonacci retracement , 61.8% Fibonacci extension level and 50MA.
Alternatively, price could potentially drop to support level at 0.68440, in-line with 78.6% Fibonacci retracement level and 127.2% Fibonacci extension level.
Pivot:
0.69450
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level and horizontal overlap support
1st Support:
0.68440
78.6% Fibonacci retracement level and 127.2% Fibonacci extension level
1st Resistance:
0.70575
50% Fibonacci retracement , 61.8% Fibonacci extension level and 50MA
Trading FX & CFDs carries high risk.
Alternatively, price could potentially drop to support level at 0.68440, in-line with 78.6% Fibonacci retracement level and 127.2% Fibonacci extension level.
Pivot:
0.69450
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level and horizontal overlap support
1st Support:
0.68440
78.6% Fibonacci retracement level and 127.2% Fibonacci extension level
1st Resistance:
0.70575
50% Fibonacci retracement , 61.8% Fibonacci extension level and 50MA
Trading FX & CFDs carries high risk.
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