12.08.202210:24 Forex Analysis & Reviews: NZDUSD Potential for Bullish Rise | 12th August 2022

Exchange Rates 12.08.2022 analysis

On the H4, with the price is over ichimoku cloud and MACD histograms are above zero axis, we have a bullish bias that price may rise from the 1st resistance at 0.64665, where the swing high and 78.6% fibonacci retracement are to the 2nd resistance at 0.65736 where the swing high is. Alternatively, price may drop to the 1st support at 0.63630 which is in line with 23.6% fibonacci retracement and overlap support.

Trading Recommendation


Reason for Entry:Swing high and 78.6% fibonacci retracement

Take Profit: 0.65736

Reason for Take Profit:Swing high

Stop Loss: 0.63630

Reason for Stop Loss:

23.6% fibonacci retracement and overlap support

*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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