#NZDUSD bounced from our Pivot point. Potential for rise
Description:
Price has bounced from our Pivot point of 0.71689, which is in line with 50%, 50% Fibonacci retracement, moving average support and descending trendline support. A potential rise from here towards our first resistance level of 0.72615, in line with -27%, -27%, -27% Fibonacci retracement and horizontal graphical swing high. Do note that price is trending above the descending trendline resistance turned support and the moving average, in line with our bullish analysis.
Pivot: 0.71689
Why we like it:
50%, 50% Fibonacci retracement, moving average support and descending trendline support
1st Support: 0.71293
Why we like it:
161.8%, 78.6% Fibonacci retracement and horizontal graphical overlap.
1st Resistance: 0.72615
Why we like it:
-27%, -27%, -27% Fibonacci retracement and horizontal graphical swing high
Trading FX & CFDs carries high risk.
Price has bounced from our Pivot point of 0.71689, which is in line with 50%, 50% Fibonacci retracement, moving average support and descending trendline support. A potential rise from here towards our first resistance level of 0.72615, in line with -27%, -27%, -27% Fibonacci retracement and horizontal graphical swing high. Do note that price is trending above the descending trendline resistance turned support and the moving average, in line with our bullish analysis.
Pivot: 0.71689
Why we like it:
50%, 50% Fibonacci retracement, moving average support and descending trendline support
1st Support: 0.71293
Why we like it:
161.8%, 78.6% Fibonacci retracement and horizontal graphical overlap.
1st Resistance: 0.72615
Why we like it:
-27%, -27%, -27% Fibonacci retracement and horizontal graphical swing high
Trading FX & CFDs carries high risk.
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