FX.co ★ NZDUSD Potential for Bullish Bounce | 27th 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 0.65612 in line up with 78.6% fibonacci projection 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 0.65296 which lines up with 161.8% fibonacci extension and -61.8% fibonacci expansion.

Trading Recommendation

Entry: 0.65612

Reason for Entry:

78.6% fibonacci projection.Take Profit: 0.66660

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

Stop Loss: 0.65296Reason for Stop Loss:

161.8% fibonacci extension and -61.8% fibonacci expansion.