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

Price is facing bullish pressure as it continues to hold above the ascending trendline and moving average support, which is in line with our bullish bias. We could see a bounce at 1st support, in line with 61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal pullback support, and further upside towards 1st resistance, in line with 61.8% Fibonacci extension and horizontal swing high resistance.

Trading Recommendation

Entry: 0.70274

Reason for Entry:

61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal pullback support

Take Profit: 0.70692

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing high resistance

Stop Loss: 0.69981

Reason for Stop Loss:

161.8% Fibonacci extension and horizontal overlap support