FX.co ★ NZDUSD Potential For Dips | 16th Dec 2021

Prices have recently broken out of our bearish trendline. We see potential for further downside from our 1st resistance at 0.67900 which is a graphical overlap and an area of Fibonacci confluences towards our 1st support at 0.67361 in line with 100% Fibonacci extension and 61.8% Fibonacci retracement. Technical indicators are showing bearish momentum. Alternatively, our stop loss will be placed at our 2nd resistance at 0.68230 in line with 100% Fibonacci retracement and bearish trendline.

Trading Recommendation

Entry: 0.67900

Reason for Entry:

Graphical overlap and an area of Fibonacci confluences

Take Profit: 0.67361

Reason for Take Profit:

100% Fibonacci extension and 61.8% Fibonacci retracement

Stop Loss: 0.68230

Reason for Stop Loss:

100% Fibonacci retracement and bearish trendline