#NZDUSD approaching pivot, potential for a breakout!
Price is approaching and likely to breakout of strong pivot level of 0.71422. This level coincides with 78.6% Fibonacci extension level, 23.6% Fibonacci retracement level & horizontal overlap support. A break and close above this level could see price swing towards 1st resistance at 0.72115. This level is strengthened by 38.2% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support. Finally, we can expect price to take support at 0.70954, which coincides with 38.2% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
0.71422
Why we like it:
78.6% Fibonacci extension level, 23.6% Fibonacci retracement level & horizontal overlap support
1st Support:
0.70954
Why we like it:
38.2% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support
1st Resistance:
0.72115
Why we like it:
127.2% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
0.71422
Why we like it:
78.6% Fibonacci extension level, 23.6% Fibonacci retracement level & horizontal overlap support
1st Support:
0.70954
Why we like it:
38.2% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support
1st Resistance:
0.72115
Why we like it:
127.2% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
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