FX.co ★ NZDUSD, Potential For Bearish Continuation | 14th June 2022

On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will drop from the 1st resistance at 0.62923 in line with the pullback resistance to the 1st support at 0.61210 in line with the 78.6% fibonacci projection and 127.2% fibonacci extension. Alternatively, price may break the 1st resistance structure and rise to the 2nd resistance at 0.63697 in line with the 38.2% fibonacci retracement.

Trading Recommendation

Entry: 0.62923

Reason for Entry:

Horizontal pullback resistance

Take Profit: 0.61210

Reason for Take Profit:78.6% fibonacci projection and 127.2% fibonacci extension

Stop Loss: 0.63697

Reason for Stop Loss:

38.2% fibonacci retracement