FX.co ★ NZDUSD Bullish Bounce | 31st Jan 2022

On the H4, On the H4, prices are on bearish momentum and abiding to our bearish trendline. We see the potential for a short bounce from our 1st support at 0.65245 in line with 200% Fibonacci projection towards our 1st resistance at 0.66102 in line with 23.6% Fibonacci retracement. Alternatively, our stop loss will be placed at 0.65245 in line with 78.6% Fibonacci extension. RSI is at a level where bounces occurred previously.

Trading Recommendation

Entry: 0.65245

Reason for Entry:

200% Fibonacci projection

Take Profit: 0.66102

Reason for Take Profit:

23.6% Fibonacci retracement

Stop Loss: 0.65245

Reason for Stop Loss:

78.6% Fibonacci extension