#NZDUSD, H4 testing our Pivot. Potential for a drop.
Price is testing our Pivot point of 0.71656, which is in line with 78.6% Fibonacci retracement, 50% fibonacci extension and horizontal graphical overlap. A potential drop from here towards our first support level of 0.71324, in line with the 127% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low. Do note that MACD is under the 0 line, in line with our bearish analysis.
Description:
Pivot: 0.71656
Why we like it:
78.6% Fibonacci retracement, 50% fibonacci extension and horizontal graphical overlap
1st Support: 0.71324
Why we like it:
127% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low
1st Resistance: 0.71965
Why we like it:
61.8% fibonacci retracement and Ichimoku cloud resistance.
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