24.06.2022 06:35 AM
NZDUSD Potential For Bullish Continuation | 24th June 2022

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Description:On the H4, with price moving below the ichimoku cloud and in a descending trendline, we have a bearish bias that price will drop from the 1st resistance at 0.63107 in line with the 38.2% fibonacci retracement to the 1st support at 0.62022 in line with the horizontal swing low. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 0.63601 in line with the 61.8% fibonacci projection and 38.2% fibonacci retracement.

Trading Recommendation Entry: 0.63107

Reason for Entry:38.2% fibonacci retracement

Take Profit: 0.62022

Reason for Take Profit: horizontal swing low

Stop Loss: 0.63601

Reason for Stop Loss: 61.8% fibonacci projection and 38.2% fibonacci retracement

Dean Leo,
Analytical expert of InstaForex
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