#NZDUSD approaching pivot, potential for a drop!

23 июл. 2021 г.

Description

Price is reacting below our pivot level at 0.70022 which is in line with 78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance. Price can potentially take support at 0.6907, which is in line with 78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 0.70396, which coincides with 100% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is holding below the EMA

Pivot:
0.70022

Why we like it:
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance

1st Support:
0.69070
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support

1st Resistance:
0.70396
100% Fibonacci extension level & horizontal swing high resistance
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