FX.co ★ NZDUSD bullish continuation | 3rd Jan 2022

On the H4 timeframe, prices are consolidating in an ascending triangle and experiencing further bullish momentum. We see the potential for further bullish movement towards our 1st resistance at 0.68676 in line with 127.2% Fibonacci extension and 161.8% Fibonacci projection. Our bullish bias is supported by prices trading above our Ichimoku clouds and RSI is also showing bullish momentum. Alternatively, breaking our 1st support may find prices dipping towards our 2nd support at 0.67886 in line with 127.2% Fibonacci extension.

Trading Recommendation

Entry: 0.68211

Reason for Entry:

78.6% Fibonacci extension

Take Profit: 0.68676

Reason for Take Profit:

127.2% Fibonacci extension and 161.8% Fibonacci projection

Stop Loss: 0.67886

Reason for Stop Loss:

127.2% Fibonacci extension