FX.co ★ NZDUSD Potential for Bullish Momentum | 10th November 2022

On the H4 chart, as the price is moving above ichimoku cloud and ascending channel, the price may drop to the 1st support at 0.58423, where the 61.8% fibonacci retracement is and rise to the 1st resistance at 0.59993, where the swing high and 127.2% fibonacci extension are. Alternatively, the price may drop to the 2nd support at 0.57421, which is in line with the previous swing low.

Trading Recommendation

Entry: 0.58423

Reason for Entry:

61.8% fibonacci retracement

Take Profit: 0.59993

Reason for Take Profit:Swing high and 127.2% fibonacci extension

Stop Loss: 0.57421

Reason for Stop Loss:

Previous swing low.