FX.co ★ GBPNZD facing bearish pressure, potential for further upside!

Prices are facing bullish pressure from pivot level which is in line with 50% Fibonacci retracement and 100% Fibonacci extension . Prices might push up towards 1st support which is in line with -27.2% Fibonacci retracement and 127.2% Fibonacci extension . If prices fall through pivot level, prices might take support on 1st support which is in line with 38.2% Fibonacci retracement level. Ichimoku cloud is also below prices, showing a bullish pressure for prices.

Trading Recommendation

Entry: 1.96020

Reason for Entry:

Horizontal pullback support, 100% fibonacci extension, 50% fibonacci retracement

Take Profit: 1.97842

Reason for Take Profit:

-27.2% fibonacci retracement, 127.2% fibonacci extension

Stop Loss: 1.95339

Reason for Stop Loss:

Horizontal swing low support, 38.2% fibonacci retracement