NZDUSD, H4 is testing our Pivot. Potential for a drop.

7 May 2021

Price is testing our Pivot point of 0.72398, which is in line with 127% Fibonacci retracement, 200% fibonacci extension and horizontal graphical overlap. A potential drop from here towards our first support level of 0.71973, in line with the 78.6%, 78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal swing low. Do note that stochastics is showing bearish pressure where it reversed from the 91% level previously.
Description:

Pivot: 0.72398
Why we like it:
127% Fibonacci retracement, 200% fibonacci extension and horizontal graphical overlap

1st Support: 0.71973
Why we like it:
78.6%, 78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal swing low

1st Resistance: 0.72749
Why we like it:
161.8% fibonacci retracement and horizontal swing high.
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