FX.co ★ NZDUSD approaching 1st support, potential for bounce!

Price is approaching 1st support, in line with 38.2%, 78.6% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support, where we could see a bounce and further rise towards 1st resistance, in line with 78.6% Fibonacci extension and horizontal swing high resistance. Price is holding above both the ascending trendline and Ichimoku cloud supports, showing signs of bullish pressure.

Trading Recommendation

Entry: 0.70561

Reason for Entry:

38.2%, 78.6% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support

Take Profit: 0.70954

Reason for Take Profit:

78.6% Fibonacci extension and horizontal swing high resistance

Stop Loss: 0.70295

Reason for Stop Loss:

61.8% Fibonacci retracement, 127.2% Fibonacci extension and horizontal pullback support