NZDUSD Potential for Bearish Drop | 29th November 2022

On the H4 chart, we have a bullish bias with the price moving above the Ichimoku cloud and has broken out of the ascending channel. If this bullish momentum continues, expect the price to continue heading towards the 1st resistance line at 0.63525, where the 88% Fibonacci line is. Alternatively, the price may head back down and retest the 1st support at 0.62044, slightly below where the 78.6% Fibonacci line is.

Trading Recommendation

Entry: 0.62044

Reason for Entry:

1st resistance line

Take Profit:0.60637

Reason for Take Profit:1st support line

Stop Loss: 0.62891

Reason for Stop Loss:

Previous swing high