#NZDUSD approaching pivot, potential for a drop!

Nov 16, 2021

Price is reacting below our pivot level at 0.70778 which is in line with 100% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal overlap resistance. Price can potentially take support at 0.69804, which is in line with 61.8% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support. Alternatively, price may rise up to our resistance at 0.71353, which coincides with 127.2% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.

Pivot:
0.70778
Why we like it:
100% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal overlap resistance

1st Support:
0.69804
Why we like it:
61.8% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support

1st Resistance:
0.71353
Why we like it:
127.2% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal overlap resistance
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