NZDUSD consolidating sideways, potential for bounce!
Price is reacting above pivot level at 0.70850, in-line with 23.6% Fibonacci retracement level, 61.8% Fibonacci extension level and 50MA. Price could potentially swing towards resistance at 0.71700 which coincides with 100% Fibonacci retracement level and 127.2% Fibonacci extension level. Stochastic is also at ascending trendline support for further upside.
Alternatively, price could potentially drop to support level at 0.70240 which coincides with 38.2% Fibonacci retracement level and 100% Fibonacci extension level.
Pivot:
0.70920
Why we like it:
23.6% Fibonacci retracement level, 61.8% Fibonacci extension level and 50MA
1st Support:
0.70240
38.2% Fibonacci retracement level and 100% Fibonacci extension level
1st Resistance:
0.71700
100% Fibonacci retracement level and 127.2% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price could potentially drop to support level at 0.70240 which coincides with 38.2% Fibonacci retracement level and 100% Fibonacci extension level.
Pivot:
0.70920
Why we like it:
23.6% Fibonacci retracement level, 61.8% Fibonacci extension level and 50MA
1st Support:
0.70240
38.2% Fibonacci retracement level and 100% Fibonacci extension level
1st Resistance:
0.71700
100% Fibonacci retracement level and 127.2% Fibonacci extension level
Trading FX & CFDs carries high risk.
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