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28.01.202210:36 Forex Analysis & Reviews: NZDUSD Bullish bounce | 28th Jan 2022

Exchange Rates 28.01.2022 analysis

On the H4, prices are on bearish momentum and abiding to our bearish trendline. We see the potential for a short bounce from our 1st support at 0.65687 in line with 200% Fibonacci projection and 161.8% Fibonacci Projection towards our descending trendline at 1st resistance at 0.66601 which is a graphical overlap and in line with 61.8% Fibonacci retracement and 23.6% Fibonacci retracement. RSI is at a level where bounces occurred previously. Alternatively, our stop loss will be placed at our 2nd support at 0.65168 in line with 200% Fibonacci Projection.

Trading Recommendation

Entry: 0.65687

Reason for Entry:

200% Fibonacci projection and 161.8% Fibonacci Projection

Take Profit: 0.66601

Reason for Take Profit:

Graphical overlap

Stop Loss: 0.65168

Reason for Stop Loss:

200% Fibonacci Projection

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert of InstaForex
© 2007-2022
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