FX.co ★ NZDUSD Potential for Bullish Momentum | 26th April 2022

On the H4 timeframe, price is near to the key support level. We see the potential of bullish bounce from 1st support level of 0.65852 in line up with 138.2% fibonacci extension and 61.8% fibonacci retracement towards the 1st resistance level of 0.66660 in line with 23.6% fibonacci retracement and 78.6% fibonacci projection. Alternatively, price might break through the key support level and trigger a dip towards the 2nd support level of 0.65385 which lines up with 78.6% fibonacci projection, 161.8% fibonacci extension and -61.8% fibonacci expansion.

Trading Recommendation

Entry: 0.65852

Reason for Entry:

138.2% fibonacci extension and 61.8% fibonacci retracement.

Take Profit: 0.66660

Reason for Take Profit:23.6% fibonacci retracement and 78.6% fibonacci projection.Stop Loss: 0.65385Reason for Stop Loss:

78.6% fibonacci projection, 161.8% fibonacci extension and -61.8% fibonacci expansion.