Description :
Looking at the H4 chart, my overall bias for NZDUSD is bearish with the current price being below the Ichimoku cloud. To add confluence to this bias, price is along a descending trendline.
Looking for a sell entry at 0.62032, where the overlap resistance and 23.6% Fibonacci line is. Stop loss will be at 0.62634 where the overlap resistance and 50% Fibonacci line are. Take profit will be at 0.60877, where the overlap support is.
Trading Recommendation
Entry: 0.62032
Reason for Entry: overlap resistance and 23.6% Fibonacci line
Take Profit: 0.60877
Reason for Take Profit:
Overlap support
Stop Loss: 0.62634
Reason for Stop Loss:
overlap resistance and 50% Fibonacci line