FX.co ★ NZDUSD Potential for Bullish Rise| 18th October 2022

On the H4, the price is breaking the ichimoku cloud and descending trendline, if the price can break the 1st resistance, we can expect the price rise to the 2nd resistance at 0.58022, where the previous swing high, 100% fibonacci projection and 38.2% fibonacci retracement are. Alternatively, the price may drop to the 1st support at 0.55399, where the swing low support is.

Trading Recommendation

Entry: 0.56698

Reason for Entry:

Current swing high resistance and 61.8% fibonacci retracement

Take Profit: 0.58022

Reason for Take Profit:

Previous swing high, 100% fibonacci projection and 38.2% fibonacci retracement

Stop Loss: 0.55544

Reason for Stop Loss:

Swing low support