FX.co ★ NZDUSD facing bearish pressure, potential for further drop

Price is facing bearish pressure from our resistance levels where we could see a reversal below this level. The Ichimoku cloud and the 50 period EMA are showing signs of bearish pressure as well.

Trading Recommendation

Entry: 0.65687

Reason for Entry:

50% fibonacci retracement and 61.8% fibonacci extension

Take Profit: 0.64811

Reason for Take Profit:

-27% fibonacci retracement and100% fibonacci extension

Stop Loss: 0.65984

Reason for Stop Loss:

Horizontal overlap resistance, 61.8% fibonacci retracement and 78.6% fibonacci extension