FX.co ★ NZDUSD Potential for Bearish Continuation | 14th Feb 2022

On the H4 timeframe, prices are on bearish momentum. We see potential for bearish continuation from our 1st resistance at 0.66831 in line with 50% Fibonacci retracement towards our 1st support at 0.65892 in line with 100% Fibonacci extension and 78.6% Fibonacci retracement. Our bias is further supported by RSI portraying bearish momentum. Alternatively, our stop loss will be placed at 2nd resistance at 0.67337 in line with 100% Fibonacci retracement.

Trading Recommendation

Entry: 0.66831

Reason for Entry:

50% Fibonacci retracement

Take Profit: 0.65892

Reason for Take Profit:100% Fibonacci extension and 78.6% Fibonacci retracement

Stop Loss: 0.67337

Reason for Stop Loss:

100% Fibonacci retracement