#NZDUSD, H4 approaching pivot, potential for a drop!

16 июл. 2021 г.

Price is reacting below our pivot level at 0.70256 which is in line with 78.6% Fibonacci retracement level & horizontal swing high resistance. Price can potentially take support at 0.69515, which is in line with -27.2% Fibonacci retracement level, 100% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 0.70648, which coincides with 127.2% Fibonacci retracement level . This is further supported by how price is now holding below the descending trendline

Pivot:
0.70256

Why we like it:
78.6% Fibonacci retracement level & horizontal swing high resistance

1st Support:
0.69515
-27.2%Fibonacci retracement level, 100% Fibonacci extension level & horizontal swing low support

1st Resistance:
0.70648
127.2% Fibonacci retracement level
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