#NZDUSD, approaching pivot, potential for bearish drop
Description
Price is reacting below our pivot level at 0.6923 which is in line with 61.8% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal swing low support. Price can potentially take support at 0.67658, which is in line with 161.8% Fibonacci extension level & 88.0% Fibonacci extension level. Alternatively, price may rise up to our resistance at 0.70914, which coincides with 50.0% Fibonacci retracement level & horizontal swing high resistance . This is further supported by how price is holding below the EMA
Pivot:
0.69230
Why we like it:
61.8% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal swing low support
1st Support:
0.68
161.8% Fibonacci extension level, 127.2% Fibonacci extension level
1st Resistance:
0.70914
50.0% Fibonacci retracement level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.6923 which is in line with 61.8% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal swing low support. Price can potentially take support at 0.67658, which is in line with 161.8% Fibonacci extension level & 88.0% Fibonacci extension level. Alternatively, price may rise up to our resistance at 0.70914, which coincides with 50.0% Fibonacci retracement level & horizontal swing high resistance . This is further supported by how price is holding below the EMA
Pivot:
0.69230
Why we like it:
61.8% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal swing low support
1st Support:
0.68
161.8% Fibonacci extension level, 127.2% Fibonacci extension level
1st Resistance:
0.70914
50.0% Fibonacci retracement level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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