FX.co ★ NZDUSD Potential for Bearish Dip | 10th Feb 2022

On the H4 timeframe, prices were on bearish momentum and are abiding to our descending trendline. We see potential for prices to dip from our 1st resistance at 0.67005 in line with 23.6% Fibonacci retracement, 38.2% Fibonacci retracement and 78.6% Fibonacci extension towards our 1st support at 0.65916 in line with 161.8% Fibonacci retracement. Our bias is further supported by RSI being at levels where dips previously occurred. Alternatively, our stop loss will be placed at 2nd resistance at 0.67567 in line with 61.8% Fibonacci retracement.Trading Recommendation

Entry: 0.67005

Reason for Entry:

23.6% Fibonacci retracement, 38.2% Fibonacci retracement and 78.6% Fibonacci extension

Take Profit: 0.65916

Reason for Take Profit:

161.8% Fibonacci retracement

Stop Loss: 0.67567

Reason for Stop Loss:

61.8% Fibonacci retracement