FX.co ★ NZDUSD facing bullish pressure, potential for further upside

Price is facing bullish pressure from 1st support at 0.72271, in line with 127.2% fibonacci extension and horizontal swing low support.Price could bounce off 1st support to 1st resistance which coincides with 78.6% fibonacci extension and horizontal swing high resistance. If prices fall through 1st support, prices could reach 2nd support in line with horizontal swing low support, 127.2% fibonacci retracement and 50% fibonacci extension. Stochastics is also showing bullish pressure as it reacted off the 6.87 level.

Trading Recommendation

Entry: 0.72271

Reason for Entry:

Horizontal swing low support, 127.2% fibonacci extension

Take Profit: 0.73051

Reason for Take Profit:

Horizontal swing high resistance, 78.6% fibonacci extension

Stop Loss: 0.71805

Reason for Stop Loss:

Horizontal pullback support, 127.2 fibonacci retracement, 50% fibonacci extension