FX.co ★ NZDUSD Bullish bounce | 24th Jan 2022

On the H4 timeframe, prices are on bearish momentum and abiding to a bearish trendline. We see the potential for a bounce from our 1st support at 0.67012 in line with 161.8% Fibonacci projection towards our 1st resistance at 0.67745 in line with 78.6% Fibonacci retracement, and also a descending trendline. RSI is at a level where bounces occurred previously. Alternatively, our stop loss will be placed at our 2nd support at 0.66464 in line with 200% Fibonacci Projection.

Trading Recommendation

Entry: 0.67012

Reason for Entry:

161.8% Fibonacci projection

Take Profit: 0.67745

Reason for Take Profit:

8.6% Fibonacci retracement, and also descending trendline

Stop Loss: 0.66464

Reason for Stop Loss:

200% Fibonacci Projection