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Forex Analysis & Reviews: NZDUSD Potential for Bearish Drop | 25th August 2022
time 25.08.2022 05:53 AM
time Relevance up to, 26.08.2022 05:53 AM

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On the H4, with price moving below the ichimoku indicator, we have a bearish bias that price will drop from 1st resistance at 0.62122 where the pullback overlap resistance is to the 1st support at 0.60612 where the swing low support and 161.8% fibonacci extension are. Alternatively, price could break 1st resistance and rise to 2nd resistance at 0.63160 where the overlap resistance, 50% fibonacci retracement and 61.8% fibonacci projection are.

Trading Recommendation

Entry: 0.62122

Reason for Entry:Pullback overlap resistance

Take Profit: 0.60612

Reason for Take Profit:Swing low support and 161.8% fibonacci extension

Stop Loss: 0.63160

Reason for Stop Loss:

Overlap resistance, 50% fibonacci retracement and 61.8% fibonacci projection

NZDUSD
New Zealand Dollar vs US Dollar
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