#NZDUSD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 0.70089 which is in line with 61.8% Fibonacci retracement level, 100% Fibonacci extension level & horizontal swing high resistance. Price can potentially take support at 0.6909, 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 0.70435, which coincides with 100% Fibonacci extension level, 127.2% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.70089
Why we like it:
61.8% Fibonacci retracement level, 100% Fibonacci extension level & horizontal swing high resistance
1st Support:
0.69090
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
0.70435
100% Fibonacci extension level, 127.2% Fibonacci extension level & horizontal swing high resistance
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