FX.co ★ NZDUSD Potential for Bullish Momentum | 9th November 2022

On the H4, price is moving within the ascending channel, and above ichimoku cloud, we have a bullish bias that he price may rise from the 1st support at 0.59499, which is in line with the 23.6% fibonacci retracement to the 1st resistance at 0.60739, where the 161.8% fibonacci extension and 78.6% fibonacci projection are. Alternatively, the price may drop to the 2nd support at 0.58616, where the 50% fibonacci retracement is.

Trading Recommendation

Entry: 0.59499

Reason for Entry:

23.6% fibonacci retracement

Take Profit: 0.60739

Reason for Take Profit:161.8% fibonacci extension and 78.6% fibonacci projection

Stop Loss: 0.58616

Reason for Stop Loss:

50% fibonacci retracement