NZDUSD, H4 reversed from our Pivot. Potential for a drop.
Price is testing our Pivot point of 0.71627, which is in line with 61.8% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap. A potential drop from here towards our first support level of 0.70518, in line with the -27%, -61.8% fibonacci retracement, 100% and 76.4% fibonacci extension. It is worth noting that price is trending under the Ichimoku cloud, in line with our bearish view.
Description:
Pivot: 0.71627
Why we like it:
61.8% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 0.70518
Why we like it:
-27%, -61.8% fibonacci retracement, 100% and 76.4% fibonacci extension
1st Resistance: 0.72289
Why we like it:
61.8%, 127% fibonacci retracement and horizontal graphical overlap
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