FX.co ★ NZDUSD Potential For Bearish Drop | 26th August 2022

On the H4, with price moving within the descending trendline and below the ichimoku indicator, we have a bearish bias that price will drop from 1st support at 0.61942, where the overlap support and 61.8% fibonacci retracement are to the 2nd support at 0.61565, where the swing low is. Alternatively, price could rise to 1st resistance at 0.62477, which is in line with the swing highs.

Trading Recommendation

Entry: 0.61942

Reason for Entry:Overlap support and 61.8% fibonacci retracement

Take Profit: 0.61565

Reason for Take Profit:Swing low

Stop Loss: 0.62477

Reason for Stop Loss:

Swing highs