FX.co ★ NZDUSD Potential For Bounce | 21th Dec 2021

With indicators showing potential for upside and approaching support levels, we see the potential a bullish bounce from our 1st support at 0.67012 in line with 161.8% Fibonacci Projection, 100% Fibonacci retracement and 100% Fibonacci extension towards our 1st resistance at 0.67627 in line with 50% Fibonacci retracement. Our stop loss will be placed at 2nd support in line with 0.66649 in line with 127.2% Fibonacci retracement and 127.2% Fibonacci extension. Alternatively, breaking our 1st resistance may find prices climbing further towards our 2nd resistance at 0.68339 in line with 100% Fibonacci retracement.

Trading Recommendation

Entry: 0.67012

Reason for Entry:

161.8% Fibonacci Projection, 100% Fibonacci retracement and 100% Fibonacci extension

Take Profit: 0.67627

Reason for Take Profit:

50% Fibonacci retracement

Stop Loss: 0.66649

Reason for Stop Loss:

127.2% Fibonacci retracement and 127.2% Fibonacci extension