FX.co ★ NZDUSD Potential For Bullish Rise | 17th August 2022

On the H4, with the price breaking the descending channel and above ichimoku cloud, we have a bullish bias that the price may rise from the 1st resistance at 0.63757, which is in line with the 38.2% fibonacci retracement to the 2nd resistance at 0.64379, which is in line with the 78.6% fibonacci retracement. Alternatively, the price may drop to the 1st support at 0.63175, where the 38.2% fibonacci retracement and pullback support is.

Trading Recommendation

Entry:0.63757

Reason for Entry: 38.2% fibonacci retracement

Take Profit: 0.64379

Reason for Take Profit: 78.6% fibonacci retracement

Stop Loss: 0.63175

Reason for Stop Loss:

38.2% fibonacci retracement and pullback support