NZDUSD, H4 attempting to break our Pivot. Potential for a drop

23 Mar 2021

Price is testing for a bearish breakout from our Pivot point of 0.71156, which is in line with 161.8% Fibonacci retracement, 78.6%, 161.8% fibonacci extension and horizontal swing low support. A potential drop from here towards our first support level of 0.70511, in line with the -27% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap. It is worth noting that price is under the Ichimoku cloud in line with our bearish analysis.
Description:

Pivot: 0.71156
Why we like it:
161.8% Fibonacci retracement, 78.6%, 161.8% fibonacci extension and horizontal swing low support

1st Support: 0.70511
Why we like it:
-27% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap.

1st Resistance: 0.71794
Why we like it:
78.6% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap

Trading FX & CFDs carries high risk.