FX.co ★ NZDUSD Potential for Bearish Momentum | 8th November 2022

On the H4, price is reversing from the 1st resistance, and stoch is above 80, the price may drop to the 1st support at 0.58632, which is in line with the swing low and 38.2% fibonacci retracement. If the 1st support is broken, the 2nd support is at 0.57426, which is in line with the 50% fibonacci retracement. Alternatively, as the price is above the ichimoku cloud and ascending trendline, the price may rise to the 1st resistance at 0.59320, which is in line with the swing highs. If the 1st resistance is broken, the 2nd resistance is at 0.59997, which is in line with the 127.2% fibonacci extension.

Trading Recommendation

Entry: 0.59320

Reason for Entry:

swing highs

Take Profit: 0.58632

Reason for Take Profit:Swing low and 38.2% fibonacci retracement

Stop Loss:0.59320

Reason for Stop Loss:

Swing highs