FX.co ★ NZDUSD Bullish Bounce | 19th Jan 2022

On the H4 timeframe, prices are consolidating in an ascending channel and on bullish momentum. We see the potential for a bounce from our 1st support at 0.67563 in line with 78.6% Fibonacci retracement towards our 1st resistance at 0.68098 in line with 38.2% Fibonacci retracement. RSI are at levels where bounces previously occurred, further supporting our bullish bias. Alternatively, if prices break our 1st support, we see the potential for prices to dip towards our stop loss at 0.67332 in line with 100% Fibonacci retracement and bottom edge of ascending channel.

Trading Recommendation

Entry: 0.67563

Reason for Entry:

78.6% Fibonacci retracement

Take Profit: 0.6809

Reason for Take Profit:

38.2% Fibonacci retracement

Stop Loss: 0.67332

Reason for Stop Loss:

100% Fibonacci retracement and bottom edge of ascending channel