#NZDUSD reaction below pivot, potential for a drop
Price is reacting below our pivot level at 0.70479 which is in line with 78.6% Fibonacci retracement level and descending trendline resistance. Price could potentially drops towards support at 0.70061 which is in line with 78.6% Fibonacci retracement level, 61.8% Fibonacci extension and ascending trendline support. RSI is also at descending trendline resistance for potential drop
Alternatively, price may swing towards resistance at 0.70679, which coincides with 78.6% Fibonacci retracement level and 78.6% Fibonacci extension level.
Pivot:
0.70479
Why we like it:
78.6% Fibonacci retracement level and descending trendline resistance
1st Support:
0.70061
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & ascending trendline support
1st Resistance:
0.70679
78.6% Fibonacci retracement level and 78.6% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price may swing towards resistance at 0.70679, which coincides with 78.6% Fibonacci retracement level and 78.6% Fibonacci extension level.
Pivot:
0.70479
Why we like it:
78.6% Fibonacci retracement level and descending trendline resistance
1st Support:
0.70061
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & ascending trendline support
1st Resistance:
0.70679
78.6% Fibonacci retracement level and 78.6% Fibonacci extension level
Trading FX & CFDs carries high risk.
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