Title
NZDUSD H4 | Potential bearish reversal
Type
Bearish Reversal
Preference:
Price continues toward our pivot point at 0.6253 which lines up with the 38.2% Fibonacci retracement. If price reverses from here, it could drop down to 1st support at 0.6143
Alternative scenario:
If price were to break above the pivot point, it could push up to 1st resistance at 0.6311
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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.