FX.co ★ NZDUSD Potential for Bearish Pullback | 15th Feb 2022

On the H4 timeframe, prices are on bearish momentum. We see potential for bearish continuation from our 1st resistance at 0.66275 in line with 23.6% Fibonacci retracement towards our 1st support at 0.65926 in line with 100% Fibonacci retracement and 78.6% Fibonacci extension. Our bias is further supported by RSI portraying bearish momentum and also ichimoku cloud forecasting bearish momentum . Alternatively, our stop loss will be placed at 2nd resistance at 0.66751 in line with 23.6% Fibonacci retracement and 61.8% Fibonacci extension.

Trading Recommendation

Entry: 0.66275

Reason for Entry:

23.6% Fibonacci retracement

Take Profit: 0.65926

Reason for Take Profit:

100% Fibonacci retracement and 78.6% Fibonacci extensionStop Loss: 0.66751

Reason for Stop Loss:

23.6% Fibonacci retracement and 61.8% Fibonacci extension