FX.co ★ NZDUSD is facing bearish pressure, potential for further drop!

Price is facing bearish pressure from our first resistance, in line with our 23.6% fibonacci retracement and horizontal pullback resistance where we could see a reversal below this level to our first support level. The 20 period EMA and Ichiomku cloud are showing signs of bearish pressure in line with our bearish bias.

Trading Recommendation

Entry: 0.66163

Reason for Entry:

23.6% fibonacci retracement and horizontal pullback resistance

Take Profit: 0.64958

Reason for Take Profit:

Horizontal swing low support and 161.8% fibonacci extension

Stop Loss: 0.66772

Reason for Stop Loss:

Horizontal overlap resistance, 38.2% fibonacci retracement