FX.co ★ NZDUSD Bullish Bounce | 25th Jan 2022

On the H4 timeframe, prices are at a pivot at 0.67455 in line with 38.2% Fibonacci retracement. We see the potential for a bounce from our 1st support at 0.66638 in line with 100% Fibonacci extension towards our 1st resistance at 0.67455 in line with 38.2% Fibonacci retracement. RSI is at a level where bounces occurred previously. Alternatively, our stop loss will be placed at our 2nd support at 0.66429 in line with 200% Fibonacci Projection and 127.2% Fibonacci extension.

Trading Recommendation

Entry: 0.66638

Reason for Entry:

100% Fibonacci extension

Take Profit: 0.67455

Reason for Take Profit:

38.2% Fibonacci retracement

Stop Loss: 0.66429

Reason for Stop Loss:

200% Fibonacci Projection and 127.2% Fibonacci extension