Title
NZDUSD H4 | Bounced off from support level
Type
Bullish Bounce
Preference:
Price has just bounced off from our pivot point at 0.62807 , which is an overlap support along with a 61.8% Fibo retracement. Price could push up to the 1st resistance at 0.63357 , which is swing high resistance.
Alternative scenario:
However, if the price were to break below the pivot, it could potentially drop to the 1st support level at 0.62114
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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.