FX.co ★ NZDUSD Potential for Bearish Drop to recent swing low

Description :

Looking at the H4 chart, my overall bias for NZDUSD is slightly bearish as there is a key resistance level, Looking for a sell entry at 0.63645 where below the overlap resistance. We are looking to take profit at 0.62718, which is the recent swing low, Stop loss will be placed at 0.64070, where the 38.2% Fibonacci retracement is.

Trading Recommendation

Entry: 0.63645

Reason for Entry:Key resistance level + descending trend line

Take Profit: 0.62718

Reason for Take Profit:

recent swing low

Stop Loss: 0.64070

Reason for Stop Loss:

38.2% Fibonacci retracement