FX.co ★ NZDUSD Potential for Bearish Drop | 25th 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 continue heading towards the 1st resistance line at 0.63525, where the 88% Fibonacci line is. Alternatively, the price may head back down and retest the 1st support at 0.62044, where the previous swing high is located.

Trading Recommendation

Entry: 0.62044

Reason for Entry:

1st support line

Take Profit: 0.63525

Reason for Take Profit: 1st resistance line

Stop Loss: 0.60637

Reason for Stop Loss:

2nd support