FX.co ★ NZDUSD Potential for Bearish Drop | 11th October 2022

On the H4, the price is below ichimoku , we could expect the price drop form the 1st resistance at 0.55955, which is in line with the 23.6% fibonacci retracement and previous swing low to the 1st support at 0.54578, which is in line with the 161.8% fibonacci extension and 61.8% fibonacci projection . Alternatively, the price may rise to the 2nd resistance at 0.56862, where the 50% fibonacci retracement is.

Trading Recommendation

Entry: 0.55955

Reason for Entry: 23.6% fibonacci retracement and previous swing low

Take Profit: 0.54578

Reason for Take Profit:

161.8% fibonacci extension and 61.8% fibonacci projection

Stop Loss: 0.56862

Reason for Stop Loss:

50% fibonacci retracement