#NZDUSD reaction below pivot, potential for a drop
Price is reaction below our pivot level at 0.70632 which is in line with 78.6% Fibonacci retracement level, 61.8% Fibonacci extension level and horizontal overlap resistance. Price could potentially drops towards support at 0.69976 which is in line with 61.8% Fibonacci retracement level, 61.8% Fibonacci extension and ascending trendline support.
Alternatively, price may swing towards resistance at 0.70870, which coincides with -27.2% Fibonacci retracement level and 78.6% Fibonacci extension level.
Pivot:
0.70632
Why we like it:
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance
1st Support:
0.69976
61.8% Fibonacci retracement level, 61.8% Fibonacci extension level & ascending trendline support
1st Resistance:
0.70870
-27.2% Fibonacci retracement level, 78.6% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price may swing towards resistance at 0.70870, which coincides with -27.2% Fibonacci retracement level and 78.6% Fibonacci extension level.
Pivot:
0.70632
Why we like it:
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance
1st Support:
0.69976
61.8% Fibonacci retracement level, 61.8% Fibonacci extension level & ascending trendline support
1st Resistance:
0.70870
-27.2% Fibonacci retracement level, 78.6% Fibonacci extension level
Trading FX & CFDs carries high risk.
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