NZDUSD Potential for Bearish Continuation | 4th August 2022

4 sie 2022

On the H4, with price bouncing off to the ascending trendline, also, the momentum of red histogram is decreasing, we have a bullish bias that price may rise from the buy entry at 0.62053 where 50% fibonacci retracement is to the take profit at 0.63525 at the swing high, 61.8% fibonacci projection and 50% fibonacci retracement . Alternatively, price may reverse off the buy entry and drop to stop loss at 0.60605 where the swing low is. Take note the price of 0.61234 could be the intermediate support, which is in line with the 78.6% fibonacci retracement .

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