NZDUSD, H4 is approaching our Pivot point. Potential for bounce

25. Feb. 2021

Price is approaching our Pivot point of 0.74056, which is in line with 61.8%, 38.2% Fibonacci retracement, 50%, 61.8% fibonacci extension and horizontal graphical overlap. A potential rise from here towards our first resistance level of 0.74781, in line with the fibonacci confluence. Please note that price is trending above the Ichimoku cloud, ascending trendline and MACD is above the 0 line, in line with our bullish view.

Description:

Pivot: 0.74056
Why we like it:
61.8%, 38.2% Fibonacci retracement, 50%, 61.8% fibonacci extension and horizontal graphical overlap

1st Support: 0.73445
Why we like it:
127%, 78.6% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap.

1st Resistance: 0.74781
Why we like it:
-27%, 127% fibonacci retracement and 100% fibonacci extension

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