#NZDUSD approaching pivot, potential for a drop!
Price is reacting below our pivot level at 0.70218 which is in line with 50.0% Fibonacci retracement level & horizontal overlap support. Price can potentially take support at 0.6984, which is in line with 61.8% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support. Alternatively, price may rise up to our resistance at 0.70942, which coincides with 100% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.70218
Why we like it:
50.0% Fibonacci retracement level & horizontal overlap support
1st Support:
0.69840
Why we like it:
61.8% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support
1st Resistance:
0.70942
Why we like it:
100% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
0.70218
Why we like it:
50.0% Fibonacci retracement level & horizontal overlap support
1st Support:
0.69840
Why we like it:
61.8% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support
1st Resistance:
0.70942
Why we like it:
100% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
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