FX.co ★ NZDUSD Potential for Bullish Rise | 5th August 2022

On the H4, with the price breaking the descending trendline and below ichimoku cloud, we have a bullish bias that the price may rise from our 1st resistance at 1.28846, which is in line with 23.6% fibonacci retracement to our 2nd resistance at 1.29451, which is in line with the 38.2% fibonacci retracement. Alternatively, the price may drop to the 1st support at 1.28299, which is in line with 50% fibonacci retracement.

Trading Recommendation

Entry:1.28846

Reason for Entry: 23.6% fibonacci retracement

Take Profit: 1.29451

Reason for Take Profit: 38.2% fibonacci retracement

Stop Loss: 1.28299

Reason for Stop Loss:

50% fibonacci retracement.