FX.co ★ NZDUSD Potential For Further Dips! | 23th Dec 2021

On the H4, prices are on a bearish momentum and consolidating in a bearish channel. With RSI at a level where dips previously occurred, we see a potential dip from our 1st resistance at 0.68182 in line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension towards our 1st support at 0.67609 in line with 50% Fibonacci retracement. Alternatively, our stop loss will be placed at 2nd resistance at 0.68676 in line with 127.2% Fibonacci retracement and 127.2% Fibonacci extension.

Trading Recommendation

Entry: 0.68182

Reason for Entry:

78.6% Fibonacci retracement and 78.6% Fibonacci extension

Take Profit: 0.67609

Reason for Take Profit:

50% Fibonacci retracement

Stop Loss: 0.68676

Reason for Stop Loss:

127.2% Fibonacci retracement and 127.2% Fibonacci extension