FX.co ★ NZDUSD Potential for Bearish Drop to intermediate support

Description :

Looking at the H4 chart, my overall bias for NZDUSD is bearish due to the current price being below the Ichimoku cloud, Looking for a sell entry at 0.61966 where the overlap support and the recent swing low. We are looking to take profit at 0.60183, where the intermediate support is and 50% Fibonacci line. Stop loss will be placed at 0.62839, where the 23.6% Fibonacci retracement is.

Trading Recommendation

Entry: 0.61982

Reason for Entry: Ichimoku cloud + price momentum + previous swing low

Take Profit: 0.60183

Reason for Take Profit:

Intermediate support + 50% Fibonacci retracement

Stop Loss: 0.62839

Reason for Stop Loss:

Overlap support