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03.01.2023 02:59 PM
NZDUSD Potential for Bearish Drop | 3rd January 2023

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Looking at the H4 chart, my overall bias for NZDUSD is bearish due to the current price crossing below the Ichimoku cloud, indicating a bearish market. If this bearish momentum continues, expect price to possibly break the 1st support at 0.63024, where the 23.6% Fibonacci line is before heading towards the 2nd support at 0.62305, where the previous swing low is. In an alternate scenario, price could possibly head back up towards the 1st resistance level at 0.63742, where the 50% Fibonacci line is.

Trading Recommendation

Entry: 0.62972

Reason for Entry:

Sell stop entry slightly below where the 1st support is to ride the bearish momentum

Take Profit: 0.62305

Reason for Take Profit:2nd support line

Stop Loss: 0.63742

Reason for Stop Loss:

1st resistance line and recent swing high

Dean Leo,
الخبير التحليلي لدى شركة إنستافوركس
© 2007-2023
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