#NZDUSD, H4 is reacting below our pivot, potential for drop.
Description
Price is reacting below our pivot level at 0.70074 which is in line with 61.8% Fibonacci retracement level, 50.0% Fibonacci extension level horizontal overlap resistance. Price can potentially take support at 0.69234, which is in line with 61.8% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 0.70662, which coincides with 78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is holding below the EMA
Pivot:
0.70074
Why we like it:
61.8% Fibonacci retracement level, 50.0% Fibonacci extension level horizontal overlap resistance
1st Support:
0.69234
61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
0.70662
78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.70074 which is in line with 61.8% Fibonacci retracement level, 50.0% Fibonacci extension level horizontal overlap resistance. Price can potentially take support at 0.69234, which is in line with 61.8% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 0.70662, which coincides with 78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is holding below the EMA
Pivot:
0.70074
Why we like it:
61.8% Fibonacci retracement level, 50.0% Fibonacci extension level horizontal overlap resistance
1st Support:
0.69234
61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
0.70662
78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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