FX.co ★ NZDUSD Potential For Bullish Continuation | 18th July 2022

On the H4, with price recently breaking the descending trend channel and moving above the ichimoku cloud, we have a bullish bias that price will continue to rise from the 1st resistance at 0.62018 in line with the 61.8% fibonacci retracement and 78.6% Fibonacci projection to the 2nd resistance at 0.62529 at the pullback resistance in line with the 61.8% fibonacci projection. Alternatively, price may reverse off the 1st resistance and drop to the 1st support at 0.61717 at the pullback support.

Trading Recommendation Entry: 0.62018

Reason for Entry:

61.8% fibonacci retracement and 78.6% Fibonacci projectionTake Profit: 0.62529

Reason for Take Profit:Pullback resistance in line with the 61.8% fibonacci projection

Stop Loss: 0.61717

Reason for Stop Loss:Pullback support