NZDUSD H4 | Bullish bounce for the Kiwi
Title
NZDUSD H4 | Bullish bounce for the Kiwi
Type
Bullish bounce
Preference
The price is falling towards the pivot at 0.5848, an overlap support that is slightly above the 61.8% Fibonacci projection. A bounce from this level could lead the price toward the 1st resistance at 0.5947, which is an overlap resistance.
Alternative Scenario
If the price breaks below the pivot, it could fall toward the 1st support at 0.5779, which acts as a pullback support that aligns with the 100% Fibonacci projection.
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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.