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14.09.2022 05:42 AM
NZDUSD Potential for Bearish Drop | 14th September 2022

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On the H4, with the price moving within the descending channel and below ichimoku cloud, we have a bearish bias that the price may drop from the 1st support at 0.59960, which is in line with the swing low and 61.8% fibonacci projection to the 2nd support at 0.59062, where the 100% fibonacci projection is. Alternatively, the price may rise to the 1st resistance at 0.61564, which is in line with the overlap resistance, 61.8% fibonacci retracement and 38.2% fibonacci retracement.

Trading Recommendation

Entry: 0.59960

Reason for Entry:Swing low and 61.8% fibonacci projection

Take Profit: 0.59062

Reason for Take Profit: 100% fibonacci projection

Stop Loss: 0.61564

Reason for Stop Loss:

Overlap resistance, 61.8% fibonacci retracement and 38.2% fibonacci retracement

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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