#NZDUSD likely to reverse off pivot, potential downside!
Description
Price is reacting below our pivot level at 0.70901 which is in line with 78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap resistance. Price can potentially take support at 0.69359, which is in line with 61.8% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 0.72083, which coincides with 161.8% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal swing high resistance .This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.70901
Why we like it:
78.6% Fibonacci retracement level, 100% Fibonacci extension levelhorizontal swing high resistance
1st Support:
0.69
61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
0.72083
161.8% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.70901 which is in line with 78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap resistance. Price can potentially take support at 0.69359, which is in line with 61.8% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 0.72083, which coincides with 161.8% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal swing high resistance .This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.70901
Why we like it:
78.6% Fibonacci retracement level, 100% Fibonacci extension levelhorizontal swing high resistance
1st Support:
0.69
61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
0.72083
161.8% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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