NZDUSD reversed from our Pivot point. Potential for a drop
Description:
Price has reversed from our Pivot point of 0.71960, which is in line with 61.8% Fibonacci retracement, 88% Fibonacci extension and horizontal graphical resistance. A potential drop from here towards our first support level of 0.71108, in line with 88%, 61.8% fibonacci extension and horizontal swing low support. Please note that MACD is under the 0 line, showing bearish pressure.
Pivot: 0.71960
Why we like it:
61.8% Fibonacci retracement, 88% Fibonacci extension and horizontal graphical resistance
1st Support: 0.71108
Why we like it:
88%, 61.8% fibonacci extension and horizontal swing low support
1st Resistance: 0.72207
Why we like it:
-27%, 78.6% Fibonacci retracement, 50% fibonacci extension and horizontal graphical resistance.
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot point of 0.71960, which is in line with 61.8% Fibonacci retracement, 88% Fibonacci extension and horizontal graphical resistance. A potential drop from here towards our first support level of 0.71108, in line with 88%, 61.8% fibonacci extension and horizontal swing low support. Please note that MACD is under the 0 line, showing bearish pressure.
Pivot: 0.71960
Why we like it:
61.8% Fibonacci retracement, 88% Fibonacci extension and horizontal graphical resistance
1st Support: 0.71108
Why we like it:
88%, 61.8% fibonacci extension and horizontal swing low support
1st Resistance: 0.72207
Why we like it:
-27%, 78.6% Fibonacci retracement, 50% fibonacci extension and horizontal graphical resistance.
Trading FX & CFDs carries high risk.
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