Title
NZDUSD H4 | Bullish reversal off key level
Type
Bullish bounce
Preference
The price is falling towards the pivot at 0.5716, a pullback support that is slightly below the 61.8% Fibonacci projection. A bounce from this level could lead the price toward the 1st resistance at 0.5769, a pullback resistance.
Alternative Scenario
If the price breaks below the pivot, it couldfall toward the 1stsupport at 0.5687, which is a pullbacksupport that aligns with the 127.2% Fibonacci extension.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.