NZD is approaching pivot, potential for breakdown!
Price broke down and retested the ascending trendline support-turned-resistance is approaching pivot level at 0.70850 which is in line with 23.6% Fibonacci retracement level, 61.8% Fibonacci extension level and horizontal overlap support. If price could breakdown below pivot, it could potentially push down further to support at 0.70115, in-line with 50% Fibonacci retracement level, 61.8% Fibonacci extension level and 200MA.
Alternatively, price could swing towards resistance at 0.71700, in-line with 100% and 127.2 Fibonacci retracement level and swing high resistance.
Pivot:
0.70850
Why we like it:
23.6% Fibonacci retracement level, 61.8% Fibonacci extension level and horizontal overlap support
1st Support:
0.70115
50% Fibonacci retracement level, 61.8% Fibonacci extension level and 200MA
1st Resistance:
0.71700
100% Fibonacci retracement level and 127.2% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price could swing towards resistance at 0.71700, in-line with 100% and 127.2 Fibonacci retracement level and swing high resistance.
Pivot:
0.70850
Why we like it:
23.6% Fibonacci retracement level, 61.8% Fibonacci extension level and horizontal overlap support
1st Support:
0.70115
50% Fibonacci retracement level, 61.8% Fibonacci extension level and 200MA
1st Resistance:
0.71700
100% Fibonacci retracement level and 127.2% Fibonacci extension level
Trading FX & CFDs carries high risk.
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