FX.co ★ NZDUSD Potential for Bearish Drop to 50% Fibonacci Line

Description :

Looking at the H4 chart, my overall bias for NZDUSD is bearish as the current price is below the Ichimoku Cloud. Looking for a sell entry at 0.61945 where the overlap support is. We are looking to take profit at 0.60227 where the 50% Fibonacci line is, Stop loss will be placed at 0.62673, where the recent swing high is.

Trading Recommendation

Entry: 0.61945

Reason for Entry:Overlap support

Take Profit: 0.60227

Reason for Take Profit:

50% Fibonacci line

Stop Loss: 0.62673,

Reason for Stop Loss:

the recent swing high