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18.01.2021 11:55 AM
NZDUSD is facing bearish pressure, potential for further drop!

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Price is facing bearish pressure from our first resistance, in line with our horizontal pullback resistance, 23.6% fibonacci retracement where we could see a further drop below this level. The Ichimoku cloud is showing signs of bearish pressure as well in line with our bearish bias.

Trading Recommendation

Entry: 0.71646

Reason for Entry:

horizontal pullback resistance, 23.6% fibonacci retracement

Take Profit: 0.70132

Reason for Take Profit:

horizontal swing low support, 38.2% fibonacci retracement

Stop Loss: 0.72434

Reason for Stop Loss:

horizontal overlap resistance, 61.8% fibonacci retracement

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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