#NZDUSD approaching a pivot, potential for a bearish breakout!
Price is approaching pivot point at 0.69281 which is in line with 23.6% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal overlap support. A break and close below this level could see a price swing towards 1st support at 0.68535.This level is in line with 50.0% Fibonacci extension level & horizontal pullback support. Finally, price is unlikely to surpass our strong resistance at 0.69956, which coincides with 38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.69281
Why we like it:
23.6% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal overlap support
1st Support:
0.68535
Why we like it:
50.0% Fibonacci extension level & horizontal pullback support
1st Resistance:
0.69956
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
0.69281
Why we like it:
23.6% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal overlap support
1st Support:
0.68535
Why we like it:
50.0% Fibonacci extension level & horizontal pullback support
1st Resistance:
0.69956
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
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