#NZDUSD approaching pivot, potential for a reversal!

19 Okt 2021Price is approaching pivot level of 0.71518 where we have 78.6% Fibonacci retracement level & horizontal swing high resistance lining up. A reversal from this level might see price take support at 0.69828, which is in line with 61.8% Fibonacci retracement level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 0.72115, which coincides with 100% Fibonacci extension level, 78.6% Fibonacci retracement level . This is further supported by how price is likely to reverse off the Stochastic resistance level.

Pivot:
0.71518
Why we like it:
78.6% Fibonacci retracement level & horizontal swing high resistance

1st Support:
0.69828
Why we like it:
61.8% Fibonacci retracement level & horizontal swing low support

1st Resistance:
0.72115
Why we like it:
100% Fibonacci extension level, 78.6% Fibonacci retracement level

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