NZDUSD reversed from our Pivot point. Potential for a drop

Description:
Price has reversed from our Pivot point of 0.72228, which is in line with 78.6% Fibonacci retracement, 76.4% Fibonacci extension and horizontal graphical resistance. A potential drop from here towards our first support level of 0.71547, in line with 78.6% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low support. Please note that price is trending under the descending trendline, showing bearish pressure.

Pivot: 0.72228
Why we like it:
78.6% Fibonacci retracement, 76.4% Fibonacci extension and horizontal graphical resistance

1st Support: 0.71547
Why we like it:
78.6% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low support

1st Resistance: 0.72625
Why we like it:
76.4% Fibonacci retracement, 100% fibonacci extension and horizontal graphical resistance.

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