FX.co ★ NZDUSD Bullish Bounce | 14th Jan 2022

On the H4 timeframe, prices are at a daily support and strong graphical overlap. We see potential for prices to bounce from our 1st support at 0.68588 in line with 23.6% Fibonacci retracement towards our 1st resistance at 0.68815 in line with 78.6% Fibonacci extension. Our bias is further supported by the Ichimoku Clouds forecasting bullish momentum and also RSI portraying an upward trend. If prices break our 1st support, we can potentially find prices dipping towards our 2nd support at 0.68324 in line with 61.8% Fibonacci retracement.

Trading Recommendation

Entry: 0.68588

Reason for Entry:

23.6% Fibonacci retracement

Take Profit: 0.68815

Reason for Take Profit:

78.6% Fibonacci extension

Stop Loss: 0.68324

Reason for Stop Loss:

61.8% Fibonacci retracement