FX.co ★ NZDUSD Potential for bearish drop to previous overlap support

Description :

Looking at the H4 chart, my overall bias for NZDUSD is bearish with the current price being below the Ichimoku cloud. To add confluence to this bias, price is along a descending trendline.

Looking for a sell entry at 0.62032, where the overlap resistance and 23.6% Fibonacci line is. Stop loss will be at 0.62634 where the overlap resistance and 50% Fibonacci line are. Take profit will be at 0.60877, where the overlap support is.

Trading Recommendation

Entry: 0.62032

Reason for Entry: overlap resistance and 23.6% Fibonacci line

Take Profit: 0.60877

Reason for Take Profit:

Overlap support

Stop Loss: 0.62634

Reason for Stop Loss:

overlap resistance and 50% Fibonacci line