FX.co ★ NZDUSD Potential for Bearish Drop | 23rd November 2022

On the H4 chart, we have a bullish bias with the price moving above the Ichimoku cloud and has broken out of the ascending channel. If this bullish momentum continues, expect the price to head towards the 1st resistance line at 0.62504, where the 78.6% Fibonacci line is. Alternatively, the price may head back down and break the 1st support at 0.61632, where the previous swing high is located, before heading towards the 2nd support at 0.59998 where the 61.8% Fibonacci line is.

Trading Recommendation

Entry: 0.61632

Reason for Entry:

1st support line

Take Profit: 0.63525

Reason for Take Profit:2nd resistance line

Stop Loss: 0.59998

Reason for Stop Loss:

2nd support line