NZDUSD, H4 is reversing to our Pivot point. Potential for bounce

Description:
Price is reversing towards the Pivot point of 0.70519, which is in line with 23.6%, 61.8% Fibonacci retracement, 38.2% Fibonacci extension and horizontal graphical overlap. A bounce from here could see it rise to our first resistance level of 0.71217, in line with 100% Fibonacci extension and -27% Fibonacci retracement. It is worth noting that the Ichimoku Cloud and ascending trendline are both showing bullish momentum which is in line with our analysis.


Pivot: 0.70519
Why we like it:
23.6%, 61.8% Fibonacci retracement, 38.2% Fibonacci extension and horizontal graphical overlap

1st Support: 0.70210
Why we like it:
50%, 88% Fibonacci retracement and horizontal graphical overlap

1st Resistance: 0.71217
Why we like it:
100% Fibonacci extension and -27% Fibonacci retracement

Trading FX & CFDs carries high risk.