Title
NZDUSD H4 | Bearish Drop
Type
Bearish Reversal
Preference:
The price is testing the pivot level at 0.5815, an overlap resistance that aligns with the 161.8% Fibonacci extension and the 1005 Fibonacci projection. A reversal from this level could lead the price toward the 1st support at 0.5761, a pullback support.
Alternative Scenario:
If price breaks above the pivot, it could rise toward the 1st resistance at 0.5871, an overlap resistance.
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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.