NZDUSD, H4 is reversing from our Pivot. Potential for a drop.
Price is reversing from our Pivot point of 0.71622, which is in line with 88.6% Fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap. A potential drop from here towards our first support level of 0.71009, in line with the 38.2% and 61.8% fibonacci retracement. It is worth noting that stochastics is showing bearish pressure where price has previously reversed off the 91% level.
Description:
Pivot: 0.71622
Why we like it:
88.6% Fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap
1st Support: 0.71009
Why we like it:
38.2% and 61.8% fibonacci retracement
1st Resistance: 0.72003
Why we like it:
78.6% fibonacci retracement.
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