NZDUSD facing bullish pressure, potential for bounce!


Prices are facing bullish pressure from ascending trendline support and horizontal pullback support, in line with 50% FIbonacci retracement and 61.8% Fibonacci extension. Prices might push up further towards 1st resistance in line with horizontal swing high resistance, 127.2% Fibonacci retracement and 161.8% Fibonacci extension. If prices fall through 1st support, prices might take support from horizontal swing low support in line with 78.6% Fibonacci extension and 61.8% Fibonacci retracement. Ichimoku cloud is also below prices, showing a bullish pressure for prices.

Trading Recommendation

Entry: 0.72033

Reason for Entry:

Horizontal pullback support, 50% Fibonacci retracement, 61.8% Fibonacci extension

Take Profit: 0.72435

Reason for Take Profit:

Horizontal swing high resistance, 127.2% Fibonacci retracement, 161.8% Fibonacci extension

Stop Loss: 0.71877

Reason for Stop Loss:

Horizontal swing low support, 78.6% Fibonacci extension, 61.8% Fibonacci retracement

The material has been provided by InstaForex Company -