NZDUSD, H4 is testing our Pivot. Potential for bearish breakout

Price is testing our Pivot point of 0.71781, which is in line with 78.6%, 161.8% Fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap. A potential for drop from here towards our first support level of 0.70964, in line with the 88% fibonacci extension and 227% fibonacci retracement. It is worth noting that price is trending under the Ichimoku cloud and MACD is under the 0 line, in line with our bearish view.

Description:

Pivot: 0.71781
Why we like it:
78.6%, 161.8% Fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap

1st Support: 0.70964
Why we like it:
88% fibonacci extension, 227% fibonacci retracement and horizontal graphical overlap.

1st Resistance: 0.72374
Why we like it:
61.8%, 127% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap

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